Published:  08:38 AM, 22 August 2020

Gold price drops in the country

Gold price drops in the country

Janomot report: Bangladesh Jewelers Association (BAJUS) has lowered the price of good quality gold by about Taka 1500 per gram. The organization has again reduced the price of all types of gold in the country's market due to falling prices in the world market.

Bajus, an association of gold traders, made the decision on Friday (August 21). Bajus general secretary Dilip Kumar Agarwala confirmed the matter.

He said the new gold price has come into effect from 2 pm on Friday.

According to the new price, from Friday (August 21), the price of good quality gold (11.64 grams) per 22 carats has been reduced by Taka 1,458 to Taka 72,258. 21 carat gold has been fixed at Taka 69,109, 18 carat gold at Taka 60,361 and traditional gold has been set at Taka 50,039. The price of 21 carat gram of silver has been fixed at Taka 933.

Dilip Kumar Agarwala, general secretary of Bajus, said that the price of gold has come down by about 25 dollars in the last few days. Gold prices are set all the time to keep pace with the international market. In such a situation, the price of gold has also been reduced in the domestic market due to the reduction in the price in the world market.

Meanwhile, the price of gold rose four times in the country's market amid the outbreak of the pandemic corona, reaching the highest level in history. According to Bajus, gold prices in the international market became volatile in January-February. As a result, on February 19, the price of 22 carat gold rose to Taka 61,528 per gram in the country. This was the highest price of gold in the country's market at that time. Earlier, the price of gold rose to the highest level in the country on September 17, 2012. At that time the price of 22 carat gold per gram stood at Taka 60,753.

It is learned that Bajus reduced the price on August 21 after increasing the price of gold earlier four times in the global market. On Friday, the organization reduced the price of gold again in view of the international market.

Industry insiders said Bajus decides the price at which gold will be sold in the Bangladesh market. This price is determined by the price increase and decrease in the world market. Generally, it is decided on the basis of the average price of seven days in the world market whether the price will increase or decrease.

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