Gold price hits new record again

Gold price made a new record as the Bangladesh Jewellers' Association (Bajus) started selling each bhori (11.664 grammes) of the precious metal at Tk 119,637 from today evening.

The standing committee on pricing and price monitoring of Bajus took the decision at a meeting in the morning today, the association said in a statement.

The previous rate of per bhori was Tk 117,573.

Since March 22 of this year, gold has been sold at Tk 114,074 per bhori.

The country witnessed the price of gold to rise above Tk 1 lakh per bhori for the first time on July 20 last year.

Although Bangladesh does not import a significant quantity of gold, prices are always linked with international fluctuations alongside volatility in the domestic market.

With an annual demand of 20 to 40 tonnes, 80 percent of the country's demand for gold is met through smuggling.

In August last year, the Bangladesh Bank made it mandatory to keep a 100 percent margin on letters of credit for gold with a view to discouraging its imports and saving foreign currency.