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Gold prices decline by Tk 1,000 per bhari
October 26, 2008
Gold prices have fallen by Tk 1,000 per bhari (11.66 gram) in Bangladesh market following fall of the pricy metal in the international market.
The Bangladesh Jewelers Association reset the local prices on Saturday to cope with the global declines in pure gold prices in the past three or four weeks.
Cut by Tk 85 per gram from the previous rate, price of 21-karat gold was reset on Saturday at Tk 2,060 per gram or Tk 24,020 per bhari while finer 22-karat at Tk 25,186.
The pure raw gold is 24-karat but the above said categories of gold are ornament grade gold which dominates Bangladesh market.
Inferior grade 18-karat gold price was set at Tk 1,825, down by Tk 90 per gram from the previous rate.
Gold prices are not adjusted regularly in Bangladesh as jewellers here fix prices following a periodic price trends in the global markets.
Earlier on September 25, the BJA had made the previous downward revision on gold prices for local market.
According to the Jewellers? Samity, Bangladesh has more than 10,000 jewellery shops but 1,200 shops in Dhaka share the major portion of the sales.
The gold price was at around $500 in November 2005 and after that the price shot up in the past three years continuously, reaching around $1,000 per ounce just three months back.
But price of gold started declining in the past couple of months or so, and by Friday, it tumbled to around $700 per ounce (30.97 gram).
Source: New Age

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