TBT DESK: Gold has become even more expensive in Bangladesh, as the Bangladesh Jewellers' Association (Bajus) has increased its prices for the 18th time this year.
On Monday, Bajus set the price of 22-carat gold at Tk172,545 per bhori (11.664 grams), effective from Tuesday.
Just a day earlier, on Sunday, the price of 22-carat gold stood at Tk167,833 per bhori, following a decision made on Saturday.
The latest hike marks an increase of Tk4,712 per bhori. So far this year, Bajus has raised gold prices 18 times while reducing them on six occasions.
Despite gold prices in Bangladesh already being higher than those on the global market, Bajus has continued to justify the hikes, citing a global upward trend. But, the association's pricing often outpaces international forecasts.
Bajus also reminded traders that the selling price of gold and silver must include 5 percent VAT, as per government regulations, along with a 6 percent minimum wage for workers, as set by the association.
This means that a 22-carat gold ornament weighing one bhori would now cost around Tk191,545 - the highest price ever recorded in the country.
The rising cost has led many consumers, particularly from middle-income households, to turn to alternative metals as gold becomes increasingly unaffordable.
According to the revised pricing effective from Tuesday:
Hallmarked 22-carat gold will be sold at Tk172,545 per bhori; 21-carat at Tk164,695 per bhori; 18-carat at Tk141,169 per bhori; Traditional method gold at Tk116,779 per bhori.
Previously, on Monday:
22-carat gold was sold at Tk167,833 per bhori; 21-carat at Tk160,205 per bhori; 18-carat at Tk137,309 per bhori. Traditional method gold at Tk113,491 per bhori.
Meanwhile, the price of silver remains unchanged.
