The price of gold has decreased in the world market but has increased in the country
Although the price of the
precious metal gold has dropped on the global market, Bangladesh shows the
exact opposite trend. While the price of gold has decreased on the
international market, it has soared on the domestic market. The rise in the
cost of acid gold (seasoned gold) in the local market was cited as the cause of
this price increase by the Bangladesh Jewelers Association (BAJUS).On August
22, Bajus raised the price of all forms of gold. The cost of 22-carat highest
quality gold (11.664 grams) rose by Tk 1,225 to Tk 83,281.
In the meantime, the cost of traditional gold has climbed by Tk 933 to Tk 56,220, the cost of 21 carat gold has increased by Tk 1,166 to Tk 79,490, and the cost of 18 carat gold has increased by Tk 992 to Tk 68,118. On August 21, the Bajus Standing Committee on Pricing and Price Monitoring convened and voted to raise the price. Bajus claims that the cause for the price hike is the rise in the cost of acidic gold on the local market. The new price of gold has been set by the Bangladesh Jewelery Association after taking the overall scenario into account.
Prior to this price increase on the local market, there is a significant drop in the price of gold on the international market. On the international market, the cost of gold per ounce dropped by 55 dollars, or 3%, in a single week. The cost of gold has reduced on the international market despite rising in the home market.
The price of gold per ounce on the international market has dropped by 60.60 percent, or 10.49 dollars, in the past week after rising on the domestic market. As a result, the price of gold has decreased to over 65 dollars per ounce on the international market for two weeks in a row.
Prices for silver, platinum, and gold all decreased last week. Over the past week, silver's price has dropped by 10.80 percent. In this, the cost of an ounce of silver has decreased to 18.87 dollars. Over the past week, platinum prices have dropped 3.62 percent. Platinum is now priced at $863.50 per ounce.
The Chairman of the Standing
Committee on Price Determination and Price Monitoring of Bajus, MA Hannan Azad,
responded to a question regarding the methodology used to establish the price
of gold in Bangladesh by saying, "The situation of the global market has
an effect on the price of gold in the country. However, we must mostly rely on
the neighborhood market. Our market is primarily reliant on the neighborhood
markets, such as the weavers' market, where ripe gold is sold.
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