The price of gold has reached a new high in the local market, hitting Tk 1.78 lakh per bhori (11.664 grammes), the highest in the country's history, following a decision by the Bangladesh Jewellers' Association (Bajus) to raise rates from today. 

Bajus's standing committee on pricing and price monitoring made the decision at a meeting yesterday, citing a rise in pure gold prices in the local market, according to a statement.

Previously, the price of each bhori of 22-carat gold ornaments was Tk 1.72 lakh.

So far this year, Bajus has raised gold prices 18 times while reducing them on six occasions.

Gold prices in Bangladesh have been rising steadily for over a year, driven by global market trends and fluctuations in domestic supply.

In July 2023, gold price crossed the Tk 1 lakh mark for the first time.

The country requires between 20 and 40 tonnes of the precious metal annually, with about 80 percent of the demand being met by smuggled gold.