Dhaka:Gold prices in Bangladesh have surged by Tk 8,806 per bhori due to two consecutive hikes over two days. The Bangladesh Jewellers Association (BAJUS) has set the price of 22-carat gold at Tk 229,664 per bhori.
According to United News of Bangladesh, BAJUS raised the price of 22-carat gold by Tk 5,482 per bhori on Thursday, following an increase of Tk 3,324 on Wednesday. The new prices took effect on Thursday morning as per a BAJUS press release.
The association explained that the price adjustment reflects the overall market situation and the increase in the price of pure gold (tejabi gold) in the local market. Under the latest price structure, a bhori (11.664 grams) of 22-carat gold costs Tk 229,664, including VAT. Additionally, 21-carat gold is priced at Tk 219,342 per bhori, 18-carat gold at Tk 188,374, and traditional-method gold at Tk 153,848 per bhori.
Meanwhile, global gold prices have also seen a sharp rise. This rally was influenced by the weakening of the US dollar and a decline in Treasury yields following a significant victory by Democrats in the US midterm elections. Spot gold increased by 1.9 percent to $4,134.83 per ounce on Thursday, marking its highest level since October 22. It had also gained 3.4 percent on Wednesday, achieving its largest single-day increase since August 19.
Citi, a US-based multinational banking group, has forecasted that gold prices could reach $4,500 per ounce in the international market within the next one to three months. This projection is partly based on expectations that the Strait of Hormuz will reopen by the year's end and that tensions in the Yemen-Saudi conflict will ease.
Despite the rise in gold prices, silver rates in the domestic market have remained unchanged. The price of 22-carat silver stands at Tk 3,499 per bhori, including VAT. Meanwhile, 21-carat silver costs Tk 3,383, 18-carat Tk 2,916, and traditional-method silver Tk 2,216 per bhori.