Gold prices go up

The new price of 22-carat gold for Tk75,000 a bhori, effective from Thursday

The Bangladesh Jewellers Samity has increased prices by Tk1,867 per bhori with the global market trend.

The price of each bhori of 22-carat gold ornaments will stand at Tk75,000.

The new prices will be effective across the country from Thursday, MA Hannan.

Chairman of the standing committee on pricing and price monitoring of the jewelers’ association.

Now, each bhori of 21-carat gold will cost Tk71,675, 18 carat Tk61,81.

Till Wednesday, 22-carat gold was sold for Tk73,133, 21 carats at Tk69,984.

18 carat Tk61,236 and gold acquired in the traditional method Tk50,913.

From Thursday, the price of 22-carat gold will go up by Tk1,867 per bhori, 21 carats by Tk1,691.

18-carat by 583 and gold acquired in the traditional method by Tk292 per bhori.

Bajus lowered the price of gold by Tk1,166 on December 16, 2021. On November 13.

Gold losing its shine on the back of relentless price rise.

Investing in gold is reliable. So everyone wants to save it as an asset.

Gold has a special place in people’s lives not only as an ornamental commodity.

Valuable resource and store of value. Its worth therefore extends from the individual to the state level.

No matter how expensive the paper currency is, its foundation of trust is shaky.

People prefer buying gold regarding it as a valuable asset for the future.

Investing in gold is reliable. So everyone wants to save it as an asset.

In countries of the region, including Bangladesh, gold has become an ‘essential’ commodity.

Of course, the rich are forced to go to the gold shops to protect their social status.

But year after year the rise in gold prices has reduced the number of buyers going to the store.

Middle-class and low-income families are under great pressure to maintain social norms.

The quantity of a bhori (11.66 gram) of 22-carat gold that could be bought for Tk150 in 1971.

Now costs more than Tk73,000.

A first-class government official can no longer afford to buy even half a bhori of gold.

In 1972, the year after independence, the price of gold was Tk160 per bhori.

Since then, the price of gold has increased by almost 460 times in the last 50 years.

At present, 22-carat gold is being sold at a price of Tk73,458 per bhori.

1-carat gold is being sold at Tk70,309 per bhori, 18-carat gold is being sold at Tk61,564 per bhori.

The fixed price of gold per bhori as per the traditional method is Tk50895.

In the last year, the price of gold in the country has increased by several times.

Said Dilip Kumar Agarwala, General Secretary, Bangladesh Jewellers Samity (BJS).

Agarwala also acknowledged that people of fixed income groups are shifting.

Their choice from gold due to the higher price, or buying less.

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