Gold prices cut by Tk 3,138 per bhori
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The prices of gold have been slashed by Tk 3,138 per bhori (11.664g) two days after they were raised.
Bangladesh Jewellers’ Association (BAJUS) announced the new rates today (April 23) and said they would come into effect at 4pm.
The country’s gold market has been erratic for months now. On April 21, BAJUS hiked the prices by Tk 630 per bhori within 24 hours of slashing them.
With the latest price cut encouraged by a cooling pure gold price on the local market, each bhori of 22-carat gold will now cost Tk 116,290.
Each bhori of 21-carat gold will cost Tk 110,995, while 18-carat gold’s price has gone down to Tk 95,143. The price of each bhori traditional gold has been set at Tk 76,586.
Earlier on April 20, gold prices were reduced by Tk 840 on the local market. On April 18, BAJUS raised the prices on the local market, pushing them up to their highest level in Bangladesh’s history.
This year, BAJUS raised the prices 10 times. It ‘adjusted’ the prices 29 times last year.
Last week, the oil and gold markets were shaken by the Iran-Israel confrontation. The gold price often rises at times of uncertainty as it is seen as a safe investment.