The Bangladesh Jewellers’ Association (BAJUS) has lowered gold prices for the third time in six days, cutting the rate of 22-carat gold by Tk.2,216 per Bhori.
Effective from 10:00am on Thursday, hallmarked 22-carat gold sells at Tk.221,966 per Bhori (11.65 grams), or Tk.19,030 per gram. Prices for other grades also fell: 21-carat gold dropped by Tk.2,100 to Tk 211,993 per Bhori, 18-carat by Tk 2,808 to Tk.181,075 and traditional-method gold by Tk.1,458 to Tk.148,774. Silver prices remain unchanged.
The latest revision follows a volatile week in the local market. BAJUS had raised prices by Tk.12,072 in three phases over four days, pushing 22-carat gold to Tk 229,664 on November 5. However, subsequent cuts of Tk.2,741 on each of the following two days combined with Thursday’s drop have brought prices down by a total of Tk.7,698 per Bhori. BAJUS stated the adjustment reflects falling pure gold prices in the local market.
Globally, spot gold has fluctuated sharply since peaking at $5,591.61 an ounce on January 29 the same day domestic rates hit a record Tk.286,001 per Bhori.
According to Reuters, global prices dipped 0.2 percent to $3,977.99 an ounce early Thursday as stronger-than-expected US inflation data and hawkish signals from Federal Reserve officials boosted the US dollar and raised expectations of an interest rate hike next month.
