Gold just got more expensive right before Eid

The Bangladesh Jewellers' Samity (Bajus), the association of jewelers in the country, on Monday decided to raise gold prices just before Eid-ul-Fitr, effective from Monday.

They cited rising prices in the international market due to the economic disruption brought on by the Covid-19 pandemic as the key reason for the hike.

Each bhori of 22-carat gold will now cost Tk71,442, up from Tk69,109;  21-carat will cost Tk68,293, up from Tk65,960 and 18 carat will cost Tk59,545, up from Tk57,212 in the local market.

According to the new price list, 22,21,and 18 carat gold acquired in the traditional method increased by Tk2,333 from the same day.

The price of gold acquired in the traditional method will be Tk49,222 per bhori, up from Tk46,889.

Also Read - Gold prices drop further

The prices of 22-carat, 21-carat, and 18-carat silver (cadmium) per bhori, however, remained unchanged at Tk1,516, Tk1,435, and Tk1,225 respectively.

Also, the price of silver (cadmium) acquired in the traditional method will be Tk933 per bhori.

The price of gold per ounce (31.1034768 grams) in the international market has risen to $1,830 (US).

On the other hand, the price of pure gold in the country's bullion market has gone up to Tk63,000 - leading Bajus to increase the price of gold.

Dealers, on the other hand, are unable to import gold against demand, due to international flights being closed and tariff complications at the import stage- causing the price of pure gold in the domestic market to increase.