Published: November 18, 2023, 07:11 PM
The country`s jewelers raised 22-carat gold prices by Tk 1,750 today, and the new price will be Tk 106,376 per bhori beginning tomorrow, a historic high.
The new price is 1.67 percent higher than the previous all-time high of Tk 104,626 per bhori (11.664 grammes) set on November 5.
According to a statement issued by the Bangladesh Jewellers Association (Bajus), the decision to raise the gold price was made today by the standing committee on pricing and price monitoring.
In July, the gold price crossed the Tk 100,000-mark for the first time in Bangladesh.
Gold prices have been rising for more than a year, influenced by price increases in the international market and supply volatility in the domestic market.
Despite the fact that Bangladesh does not import a significant amount of gold, its prices are almost always linked to international trends.
The annual demand for gold in Bangladesh ranged between 20 and 40 tonnes. Approximately 80% of the demand is met by smuggled gold.
In August of last year, the central bank made it mandatory to maintain a 100 percent margin on LC (letter of credit) openings for gold in order to discuss imports and save foreign currency reserves, which had declined by about 25 percent over the previous 18 months.