Thursday, April 25, 2024

Traders raise gold price to nearly Tk 50,000 a vori

Local traders on Tuesday increased the price of gold by about Tk 1,166 per vori (11.66 gram) to around Tk 49,555 following the continued rise of prices on the global market.
The price of 22-carat gold, which stood at around Tk 48,389 in May this year, has seen 2.41 per cent rise over the last two months, jewellers said.
Bangladesh Jewellers’ Association on Tuesday declared the latest price hike of gold.
The price of 22-carat gold was increased to Tk 4,250 a gram or Tk 49,555 per vori from Tk 4,150 per gram or Tk 48,389 per vori.
The price of 21-karat gold was raised to Tk 4,060 a gram or Tk 47,340 per vori from Tk 3,965 per vori or Tk 46,232 per vori and 18-karat gold to Tk 3,615 a gram or Tk 42,151 per vori from Tk 3,535 a gram or Tk 41,218 per vori.
There are nearly 20,000 jewellery shops across the country, including 1,200 in Dhaka, and all of them follow the prices set by the BJA.
Bangladesh Jewellers’ Association general secretary Shahinur Islam Shahin said that the association had to increase the gold price again within two months because the price increased at the international market.
Shahin said that gold price increased on the international market because of rising inflation, weakening of dollar, volatility in global forex market, and oil and commodity price hike that led to more investments in gold.
He said people were preferring investment in gold bond to using gold as ornaments.
Jewellers claimed sales of gold jewellery have slumped by more than 50 per cent over last five years as the demand for ornaments has declined in line with the soaring price of the precious metal.
They also claimed that demand of gold jewellery will decline further as the government increased the value added tax imposed on sales of jewellery to 4.5 per cent in the fiscal year from 1.5 per cent in last fiscal.
According to BJA records, in October 2004 gold sold at Tk 9,700 a vori, up from Tk 8,800 in September 2003. Gold price in mid-January 2006 was recorded at Tk 14,100 per vori.
The gold price on international market hit a record $1,600 an ounce on Monday.

-With New Age input

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