Gold prices dip by Tk 1,038 per bhori after record high last week

Jewellers have reduced gold prices by Tk 1,038 per bhori, five days after a fall in the rates of pure gold in the local market.

From tomorrow, each bhori (11.664 grammes) of 22-carat gold ornaments will cost Tk 207,957, down from Tk 208,995, according to a press release by Bangladesh Jewellers Association (Bajus).

On October 19, gold prices soared to a historic high of Tk 217,381 per bhori. Later prices began to fall, reverting from the upward trend registered for the last couple of months, influenced by an uptick in the international market.

Industry insiders attributed the recent surge to rising prices in the international bullion market, the depreciation of the taka, economic uncertainty, and high inflation.

Although Bangladesh does not import large quantities of gold, domestic prices remain closely linked to global trends.

In September alone, the price of 22-carat gold rose by more than Tk 16,000 per bhori.