Gold prices cut by Tk 1,038 per bhori

Jewellers have cut gold prices by Tk 1,038 per bhori thanks to a drop in the rates of pure gold prices in the local market.

From tomorrow, the price of each bhori (11.664 grammes) of 22-carat gold ornaments will be Tk 162,176, down from Tk 163,214.

The Bangladesh Jewellers Association took the decision to decrease gold prices in a meeting today, the association said in a press release.

Gold, for which Bangladesh is highly dependent on foreign sources, has seen a steady rise in prices for over a year, influenced by hikes in the international market and volatility in domestic supply.

In July 2023, the price of gold surpassed Tk 100,000 for the first time in Bangladesh.

Although Bangladesh does not import any significant quantity of gold, its prices are linked with international trends.

The country requires between 20 to 40 tonnes of gold annually, with about 80 percent of the demand being met through smuggling.