Local gold prices will hit new record, as Bangladesh Jewellers' Association (Bajus) decided to hike its prices to Tk 145,123 a bhori or 11.664 grammes with effect from tomorrow.

The standing committee on pricing and price monitoring of Bajus took the decision at a meeting today, citing a rise in pure gold prices in the local market.

The previous price of each bhori of 22-carat gold ornaments was Tk 142,790.

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 2023, the price of gold crossed the Tk 100,000-mark for the first time in Bangladesh.

Although Bangladesh does not import any significant quantity of gold, its prices are linked with international trends.

In Bangladesh, the annual demand for gold stands at between 20 and 40 tonnes and about 80 percent of the demand is met through smuggling.