Gold prices have gone up just two weeks after they were revised down earlier in December.
The price of 1 Bhori (11.664 grams) of 22-carat gold has increased by Tk 1,400. Similar price hikes have also occurred in the markets for gold of inferior qualities.
The new prices will go into effect from Monday, the Bangladesh Jewellers Samiti or Bajus says.
The price of 22-carat gold had been raised Tk 1,400 per Bhoro citing the increased seasonal demand. The price of other gold had also risen between Tk 550 and Tk 1,283.
But only two weeks later, on Dec 11, the price was revised down. The price of 22-carat and 21-carat gold was revised down by Tk 1,283, while the cost of 18-carat gold fell by Tk 933. The price of gold traded under the traditional system fell by Tk 1,166.
Bajus had cited a price drop in international markets for the drop in price in the local market.
The price has been increased as demand is outstripping supply, said Bajus General Secretary Dilip Kumar Agarwala.
“Wedding season, Christmas and the New Year have increased the local demand for gold. In comparison, supply is low. We have decided to raise prices after considering the situation.”
Weddings in Bangladesh are usually held in the winter. Traders had previously raised the price of gold on Nov 26 at the start of winter.
New gold prices (per gm)
22 carat – Tk 4,230
21 carat – Tk 4,040
18 carat – Tk 3,590
Traditional gold– Tk 2,200
