Gold crosses Tk 1.94 lakh per bhori

Gold prices have hit another historic high in the local market, reaching Tk 194,858 per bhori (11.664 grammes).

The new rate, announced by the Bangladesh Jewellers Association (Bajus), will come into effect from today.

As per Bajus, gold price surged by Tk 3,662 per bhori under the new rates. The association said the adjustment follows a rise in the price of pure gold in the local market.

Gold prices in Bangladesh have been climbing relentlessly, setting new records almost every week. In September alone, the price of 22-carat gold rose by over Tk 16,000 per bhori.

Industry insiders attribute the surge primarily to the international bullion market, devaluation of the taka, economic uncertainty and high inflation.

Although Bangladesh does not import gold in significant quantities, domestic prices remain closely tied to international trends.

The country's annual demand for gold is estimated at between 20 and 40 tonnes, with nearly 80 percent of that reportedly met through smuggling.

Meanwhile, gold prices climbed to a fresh record high on Tuesday in the international market, bolstered by increased expectations of further US rate cuts. Spot gold rose 1 percent to $3,784.01 per ounce, as of 1011 GMT, after hitting a fresh record high of $3,790.82 earlier in the session.