The price of gold has increased by Tk1,167 per bhori on Bangladesh market from Friday despite reduction of duty by Tk1,000 in the proposed budget.
As a result, the price of 22 carat gold has increased to Tk51,322. The renewed prices of 21 carat and 18 carat gold are Tk48,949 and Tk3,973 per bhori.
When asked about the price hike despite duty reduction, Dilip Kumar Agarwal, the general secretary of Bangladesh Jewelry Samity (Bajus), said the price has increased by $120 per ounce on international market in the last 30 days.
“As the local gold market is also dependent on the international market, we are bound to increase the price,” he said.
The impact of the proposed budget on gold market will be in effect later, he added.
Bajus announced the decision of the price hike through a statement Thursday night. It asked jewelry traders to sell gold as per the fixed price until any new decision is made.
The price of silver will remain unchanged.