Gold prices drop Tk 6,589 per bhori in Bangladesh

In a statement issued Saturday morning, BAJUS announced a reduction of Tk 4,374 per bhori for 22-carat gold.

The day before, on Friday morning, the association had already cut prices by Tk 2,215 per bhori, resulting in two successive reductions in under 24 hours.

Under the new rates, the price of the finest 22-carat gold is Tk 2,38,121 per bhori after a cut of Tk 4,374. The 21-carat rate was reduced by Tk 4,141 to Tk 2,27,331 per bhori, while 18-carat gold was lowered by Tk 3,558 to Tk 1,94,847 per bhori.

The traditional-method gold price was reduced by Tk 2,916, now set at Tk 1,58,689 per bhori.

Gold prices in Bangladesh have been adjusted 65 times so far this year, with rates raised on 35 occasions and reduced on 30 others.

Along with gold, silver prices were also revised downward. The price of 22-carat silver was cut by Tk 117 to Tk 5,657 per bhori.

The 21-carat silver rate was reduced by Tk 175 to Tk 5,365, while 18-carat silver dropped by Tk 117 to Tk 4,607 per bhori. Traditional-method silver was also lowered by Tk 117 to Tk 3,441 per bhori.

Silver prices have undergone 39 adjustments this year, with 21 increases and 18 reductions.

The domestic price cuts reflect mounting pressure from the global market. According to the World Gold Council, spot gold prices fell nearly 3 percent on Saturday, while silver declined by more than 10 percent.

Gold has now lost 2.26 percent of its value over the past 30 days, pointing to a sustained downward trend in international markets, reports UNB.