Staff Correspondent: The price of gold, consumers hoped, would stabilize following the opportunity offered by the government to legalize the precious item. But the situation took an opposite turn as the price of this jewelry making metal increased by Tk 10,556 per bhori in a year.
The finest refined quality or 22-carat gold will cost Tk 58,028 per bhori from yesterday with a rise of Tk 10,556 in last one year. The jewelry owners association says gold prices have been raised in the country’s markets in line with international markets.
According to the report of Bangladesh Jewelery Association (Bajus), the total price of gold has been increased by Tk 10,556.
On August 6, 2018, 22 carats gold price was 48,989 per bhori while the price of same quality gold rose to Tk 58,028 per bhori on August 27, 2019.
According to the website of the gold retailer information, the price of gold per ounce was 1,527 US dollar on August 23 in the global market. And in January this year, it was $ 1,283.
In this regard, Dilip Kumar Agarwala, general secretary of Bangladesh Jewelery Association, said, “We have to raise the price of gold keeping balance with price in the international market. From the beginning of this year, gold prices have risen to $ 250 per ounce in the global market which is like about Tk 21,000 in Bangladeshi money. We have not raised this at a time but in step by step.
He added that in the last one month, the price of gold per ounce in the world market has increased by $ 150. Compared with the international market, the price of gold is still lower in the country market. He also believes that the price of the jewelry is increased due to fraud in the global stock market.
According to the report of the Bangladesh Jewelry Association (Bajus), the price of gold has been raised nine times this year. It was found that the price of 22 carats gold was last fixed at Tk 58,028 per bhori on August 27. On August 6, 2018, the price of 22 carats gold was 48,989 per bhori. The price of per bhori gold has raised to Tk 48,988 on January 2, 2019 by increasing Tk 1516.
The price of 21 carat,18-carat and traditional gold have been increased at the same time.
Many believe that China-US trade has had an impact on raising prices in the international gold market.
Abu Ahmed, professor of economics department at Dhaka University, said that US President Donald Trump announced a 25 percent tariff for Chinese goods to enter the United States. After that, China increased the gold reserves against the dollar which has influenced the international gold market. He also said that the price of gold will not fall too easily.