Local gold price hiked by Tk 2,822

Jewellers have decided to hike gold prices again, raising it by Tk 2,822 to Tk 142,265 for each bhori or 11.66 grammes with effect from tomorrow.

The previous price of each bhori of 22-carat gold stood at Tk 139,443.

The standing committee on pricing and price monitoring of the Bangladesh Jewellers' Association took the decision of hiking the prices in a meeting today, citing an increase in pure gold prices in the local market.

The price of gold in Bangladesh has been rising steadily for more than a year, influenced by hikes in the international market and volatility in domestic supply.

In July last year, the price of gold crossed the Tk 1 lakh mark for the first time in Bangladesh.

In Bangladesh, the annual demand for gold stands in between 20 and 40 tonnes.

About 80 percent of the demand for the precious metal in Bangladesh is met through smuggled gold.