Gold Price Reaches New High of Tk 133,051 per Bhori

With the new rate going into effect tomorrow, gold prices reached a new all-time high of Tk 133,051 per bhori (11.664 grams).

The Bangladesh Jewellers Association (Bajus) decided to raise the price of 22-carat gold by Tk 3,149 per bhori at a meeting on Saturday, citing a rise in the price of pure gold in the local market, according to a press release.

In Bangladesh, gold prices have been rising consistently for more than a year, and last July they broke the Tk 100,000 per bhori barrier for the first time.

The nation does not import a lot of gold, but prices are still influenced by global patterns.

There is currently a 20–40 ton annual demand for gold in the nation.

Industry insiders estimate that smuggled gold currently supplies 80 percent of the market.

As a type of insurance against unfavorable economic events, gold has long been regarded as a store of value due to its historical ability to hold its value over time.

An unfavorable economic climate may prompt investors to hoard gold, which raises the metal’s price.