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Gold Prices Drop Slightly in Bangladesh

ByBD Public News

Gold Prices in Bangladesh Reduced Amid Local Market Adjustments

Gold prices in Bangladesh have been revised downward following changes in the local market rate for “Tejabi” or pure gold. The Bangladesh Jewellers Association (BAJUS) has announced that the new rates will come into effect from Tuesday, December 24, 2024. The reduction comes just five days after a price hike on December 19, signaling a significant adjustment to align with market conditions.

Revised Gold Rates

The latest update from BAJUS outlines reductions across all gold categories:

  • 22-Karat Gold: Recognized as the highest quality, the price has been reduced by BDT 1,248 per bhori (11.664 grams), now set at BDT 139,338.
  • 21-Karat Gold: Prices have been lowered by BDT 1,189, with the new rate at BDT 133,005 per bhori.
  • 18-Karat Gold: A reduction of BDT 1,026 brings the price to BDT 114,004 per bhori.
  • Traditional Gold: The price for gold made using traditional methods has been cut by BDT 874, now fixed at BDT 93,604 per bhori.
Gold Bar
Gold Bar

The decision to adjust prices was made by the BAJUS Standing Committee on Pricing and Price Monitoring during a meeting on Monday, December 23. The announcement was later confirmed through an official statement signed by Committee Chairman Masudur Rahman.

Silver Prices Remain Stable

While gold prices have seen adjustments, silver prices remain unchanged, reflecting stability in that segment of the market:

  • 22-Karat Silver: BDT 2,578 per bhori.
  • 21-Karat Silver: BDT 2,449 per bhori.
  • 18-Karat Silver: BDT 2,111 per bhori.
  • Traditional Silver: BDT 1,586 per bhori.

Recent Gold Price Trends

The pricing of gold has experienced notable fluctuations in recent weeks, influenced by global market trends and local economic factors:

  • December 19, 2024: Gold prices were raised, with 22-karat gold priced at BDT 140,586 per bhori, 21-karat gold at BDT 134,194, 18-karat gold at BDT 115,030, and traditional gold at BDT 94,478.
  • December 15, 2024: Prior to the hike, prices were reduced significantly. On that date, 22-karat gold was priced at BDT 138,498 per bhori, while rates for 21-karat, 18-karat, and traditional gold were BDT 132,200, BDT 113,316, and BDT 93,020, respectively.

Market Dynamics

The adjustment in gold prices highlights the ongoing efforts by BAJUS to align local pricing with fluctuations in international gold markets and domestic demand. The changes in the price of “Tejabi” gold—a key benchmark for local rates—were a major factor in this revision.

This reduction comes as a relief to buyers, particularly during the wedding season, when demand for gold traditionally rises. However, traders and consumers alike remain cautious, as prices could shift again due to external factors, including global economic conditions, currency volatility, and geopolitical tensions.

Implications for Consumers and Traders

The latest price drop is expected to encourage gold purchases, especially from retail buyers looking for opportunities to invest or gift gold during the festive season. For traders, the adjustment underscores the need for vigilance as market conditions continue to evolve rapidly.

Outlook

The Bangladesh Jewellers Association’s proactive approach to monitoring and revising gold prices ensures a balance between consumer affordability and market sustainability. While gold prices have seen a reduction, the unchanged rates for silver suggest a stable outlook for this segment.

Buyers are advised to confirm prices with local jewellers before making purchases and keep an eye on future updates as the market remains dynamic.

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