Motalab :
Dhaka, February 22: The Bangladesh Jewellers Association (Bajus) has announced another significant increase in gold prices, with the cost of one bhori (11.664 grams) of 22-carat gold reaching Tk 154,525, marking the highest price in the country’s history. The price rise is a maximum of Tk 3,243 per bhori.
This price hike follows the upward trend in the cost of refined or pure gold in the local market. The new rates were disclosed in a press release issued by Masudur Rahman, the Chairman of Bajus’s Price Determination and Monitoring Committee, on Thursday. These prices will take effect from Friday.
Details of the New Prices:
22-carat gold: Tk 154,525 per bhori
21-carat gold: Tk 143,001 per bhori
18-carat gold: Tk 122,577 per bhori
Traditional-style gold: Tk 104,206 per bhori
Bajus stated that the new gold sale prices will include a government-mandated 5% VAT, along with a minimum 6% labor charge, which may vary based on the design and quality of the jewellery.
Price History and Context:
The February 17 price of gold had already reached a record high of Tk 151,282 per bhori, with 22-carat gold selling at Tk 151,282, 21-carat gold at Tk 147,503, and 18-carat gold at Tk 126,426 per bhori. This was the fourth increase in February alone, with each price hike breaking previous records. Additionally, gold prices had increased three times in January.
Factors Behind the Price Surge:
The recent surge in gold prices can largely be attributed to the increasing cost of refined gold in international markets. As global market trends influence the local price of gold, Bajus has adjusted the pricing accordingly. Experts suggest that fluctuations in the international gold market will continue to impact local prices, potentially leading to further hikes in the near future.
Silver Prices Remain Unchanged:
Despite the soaring gold prices, silver prices have remained stable. As of Thursday, the prices for silver are as follows:
22-carat silver: Tk 2,578 per bhori
21-carat silver: Tk 2,449 per bhori
18-carat silver: Tk 2,111 per bhori
Traditional silver: Tk 1,586 per bhori
Impact on the Jewellery Market:
The consistent increase in gold prices is expected to have a significant impact on the local jewellery market. Many consumers and investors are concerned about the rising costs, which could deter some from purchasing new gold jewellery or lead to changes in buying patterns.
Despite the increase in gold prices, the silver market has remained unaffected, making silver jewellery more affordable in comparison.
Conclusion:
The rise in gold prices is not just a local phenomenon; it is part of a broader global trend. As gold prices hit record highs in Bangladesh, both the local jewellery industry and consumers are adjusting to the changing market dynamics. Whether the prices will continue to rise or stabilize remains uncertain, but the trend suggests that gold may continue to be a volatile commodity in the coming months.
