Bangladesh Jewellers Samity (BAJUS) has increased the price of gold Tk5,715 per Bhori (11.64 grams) and fixed it to Tk 69,876.
The new price of gold will be effective across the country from Tuesday, said a press release issued by Bangladesh Jewellers Samity on Monday.
Gold traders claimed that sales in the local market have been declining due to the pandemic, but the country's market has to adjust with the rising prices in the world market.
BAJUS General Secretary Dilip Kumar Agarwala told the Business Standard that right now the price of gold is the highest in the world market in the past 8 years.
"The demand has increased because everyone is now buying gold as it is the only place to invest," he added.
"The country has been facing a crisis of new gold for making ornaments. There have been very little sales in the market. The increase in price will further lessen it," said Dilip Kumar.
According to the new prices, each Bhori of 22-carat gold will now cost Tk69,676, 21-carat Tk 66,717 and 18-carat Tk 57,970.
The price of gold acquired in the traditional method will be Tk47,647 per Bhori, an increase of Tk3,616.
The price of 21-carat of silver remains unchanged at Tk933 per Bhori.
Earlier, on May 28, BAJUS had fixed the price of gold. According to that price, the price of 22-carat gold was Tk64,152 per Bhori, 21-carat was Tk61,819 and 18-carat was at Tk56,80 along with Tk44,032 in the traditional method