Gold prices hit a historic high of Tk 124,501 a bhori and Bangladesh Jewellers Association (Bajus) decided to make the rate effective from today.

The local jewellers raised pure gold prices by Tk 1,516 per bhori (11.664 grams), according to a press release shared by the Bajus.

Yesterday in a meeting, the standing committee on pricing and price monitoring of the Bajus took the decision of raising the price citing an increase in pure gold prices in the local market.

Earlier, on August 18 Bajus increased gold prices to Tk 122,985 per bhori, which was the previous record in price.

Bangladesh saw gold prices rise above Tk 100,000 per bhori for the first time on July 20 last year.

Gold prices have been rising for more than a year influenced by hikes in the international market and volatility in its supply in the domestic market.

Although Bangladesh does not import any significant quantity of gold, its prices are almost linked with international trends.

In Bangladesh, the annual demand for gold stands in between 20 tonnes to 40 tonnes.