Gold hits new high at Tk 229,430 per bhori

Gold prices are set to hit a new high as the Bangladesh Jewellers Association (Bajus) raised rates for a second consecutive day, citing higher prices in the local bullion market.

The association said the price of pure gold has increased in the local market, with the precious metal set to be sold at Tk 229,430 per bhori (11.664 grams) from tomorrow, up from Tk 227,856 per bhori.

Bajus announced tonight that gold prices would be increased by up to Tk 1,574 per bhori, or 0.69 percent.

The revised rates will come into effect across the country from tomorrow.

Gold prices surged to a record high in early Asian trading on Friday, buoyed by safe-haven demand and rising expectations of further interest rate cuts by the US Federal Reserve, reports Reuters.

Spot gold rose 0.5 percent to $4,501.44 per ounce by 0209 GMT, after touching a record peak of $4,530.60 earlier in the session.

Meanwhile, US gold futures for February delivery settled 1.9 percent higher at $4,469.40 per ounce, it said.

Locally, gold prices have been on an upward trend since December 11.

Over this period, prices have risen by 6.66 percent, or more than Tk 14,000 per bhori, repeatedly breaking previous records.

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

Although Bangladesh does not import significant volumes of gold, domestic prices remain closely aligned with global trends.

According to the Gold Policy 2018, annual domestic demand in Bangladesh stands between 20 and 40 tonnes.

Around 80 percent of the country's gold demand is met through smuggling, leading to substantial revenue losses for the government, said industry people.

In January 2018, gold crossed Tk 50,000 per bhori for the first time. Five years later, in July 2023, it hit Tk 100,000.

After further jumps, it reached Tk 150,000 in February 2025, and later surged past Tk 200,000 per bhori.