The latest hike in gold prices has resulted in discontentment among customers, with many saying that the precious metal is increasingly becoming unaffordable.
Gold traders are also worried because business has been affected by the price hike, causing sales to go down.
Prices of 18-, 21-, and 22-karat gold have risen by approximately Tk2,000 per bhori (1 bhori = 11.664 grams) each, exceeding Tk52,000 mark once again.
The hike comes less than a month after the association of gold traders, Bangladesh Jewellers Samity, lowered gold prices by Tk1,166 per bhori.
The new rate announced by Bangladesh Jewellers Samity came into effect on Thursday.
Kamrul Islam, who is going to get married next week, came to Dhaka’s New Market to buy gold but expressed frustration over the increase in prices.
He said: “This is really beyond my budget but I have nothing to do as I have already planned my wedding. I have to pay Tk2,000 more per bhori. Also, there is a five percent VAT to be paid. This is too much.”
Sultana Akhter, 55, came to Chandni Chowk Market to purchase gold for her grandchild’s wedding.
“I wanted to buy two bhori gold but that will cost more than Tk one lakh. That is really high. Now I have to buy less than two bhori and I am not happy about it,” she said.
According to the new rate, customers have to pay Tk52,196 for per bhori of 22-karat gold. Besides, 21-karat and 18-karat gold will cost Tk49,864 and Tk44,848 per bhori respectively.
In Bangladeshi marriages, gold has traditionally been a gift for the bride from the groom.
Traders said some customers are choosing not to buy now, thinking that the price will drop in the future.
Saifur Rahman, owner of Heaven Gold Jewellery in New Market, said: “I have not made a sale since morning. Customers are not ready for the new price. They are also visiting different stores to check if any trader is selling at a lower price.”
“Also, the government should lower the VAT as we are losing customers. This is a bad sign for our business,” he added.
Bangladesh Jewellers Samity General Secretary Dilip Kumar Agarwal said: “In the last one month, the price of gold rose by 43 dollars per bhori in the international market. This is the highest price hike in the last five years.”
“Also, if uncertainty keeps affecting international politics, prices will go up again.”