Gold prices dropped for the fourth time in a week

Gold prices have fallen for the fourth consecutive time, with the local market rate for pure gold now standing at Tk 1.93 lakh per bhori (11.664 grammes).

The Bangladesh Jewellers Association (Bajus) took the decision in a meeting today, the association said in a press release.

On October 22, the price of gold per bhori was Tk 2.08 lakh. It dropped to Tk 2.07 lakh on October 26, and further declined to Tk 2.04 lakh on October 27.

Finally, on October 28, it fell again to Tk 1.93 lakh. The new price will take effect from October 29.

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

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

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

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

Meanwhile, around 80 percent of the country's demand for gold is met through smuggling, leading to substantial revenue losses for the government, according to industry insiders.