Gold costlier in Bangladesh than in USA, China and India
Skip to main content
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
  • Epaper
  • More
    • Subscribe
    • COVID-19
    • Bangladesh
    • Splash
    • Videos
    • Games
    • Long Read
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
The Business Standard

Monday
July 04, 2022

Sign In
Subscribe
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
  • Epaper
  • More
    • Subscribe
    • COVID-19
    • Bangladesh
    • Splash
    • Videos
    • Games
    • Long Read
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
MONDAY, JULY 04, 2022
Gold costlier in Bangladesh than in USA, China and India

Markets

TBS Report
21 May, 2022, 07:35 pm
Last modified: 22 May, 2022, 12:13 pm

Related News

  • Gold dips on rising yields after Fed minutes signal patience
  • Gold prices come down in local market
  • Gold prices pinned near 2-1/2-month low as investors await Fed meeting
  • Gold prices dip as dollar strengthens towards pandemic high
  • Gold prices drop by Tk1,166 per bhori

Gold costlier in Bangladesh than in USA, China and India

Bangladesh Jewellers Samity revised gold price upward citing global price hike, although the price of the precious metal dropped to its lowest in months in the US market

TBS Report
21 May, 2022, 07:35 pm
Last modified: 22 May, 2022, 12:13 pm
Representational image. Picture: Collected
Representational image. Picture: Collected

The price of gold in Bangladesh appears to be higher than that in India, China and the USA as the local jewellers raised it by Tk5,950 per bhori in less than a week.

Bangladesh Jewellers Samity (Bajus) yesterday set the price at Tk82,464 per bhori of 22 carat gold, up by Tk4,199 from the rate set four days ago.

On 17 May, Bajus raised the price of gold by Tk1,750 a bhori in local markets.

The association revised gold price upward citing global price hike, although the price of the precious metal dropped to its lowest in months in the US market.

If converted to bhori from gram and ounce, the units followed in global trade, gold price in the US would be Tk66,900 in US, Tk64,801 in India and Tk60,625 in China as per the current exchange rates with dollar.  

The latest hike, effective from today, puts the price of 21-carat gold at Tk78,732 while 18-carat gold will be available at Tk67,534 and gold acquired in traditional method will cost Tk56,220.

Till Saturday, the price of 22-carat gold was Tk78,265 per bhori. The price of 21-carat gold was Tk74,707 per bhori while 18-carat gold was available at Tk64,035 and gold acquired in traditional method was sold for Tk53,362. 

Gold is treated as an investment hedge against inflation and fluctuation in bond yields in global market, and the rate is determined by the market on factors like investors' demand, dollar price and interest rate on bonds.

In Bangladesh, it is set by the traders' association and imposed on buyers of gold jewelry.  

Bullion fell more than 2% on 3 May to $1,858.10 per ounce, lowest since 16 February as the dollar and yields strengthened even before the rate hikes by the US central bank, says a Reuters report.

As inflation spikes and local currency lose value against dollar, investors in India are increasingly looking at gold as an important investment as a perfect hedge, according to The Economic Times of India. 

[1 bhori equals to 11.664 gram; 1 ounce equals to 2.43 bhori.]  
 

Top News

Gold price

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Export shines, deficit widens too
    Export shines, deficit widens too
  • People leave Field's shopping centre, after Danish police said they received reports of shooting, in Copenhagen, Denmark, July 3, 2022. Ritzau Scanpix/Olafur Steinar Gestsson via REUTERS
    Danish police say several dead after Copenhagen mall shooting
  • Home textiles, agri and leather emerge with major export potentials
    Home textiles, agri and leather emerge with major export potentials

MOST VIEWED

  • Photo: Mumit M/TBS
    Buyers prefer farms as Dhaka cattle markets are yet to begin fully 
  • Fewer cattle, buyers mark 1st day of Eid cattle sales in Chattogram
    Fewer cattle, buyers mark 1st day of Eid cattle sales in Chattogram
  • Vegetable, broiler chicken prices drop slightly
    Vegetable, broiler chicken prices drop slightly
  • Khatunganj spice market sees price drop ahead of Eid
    Khatunganj spice market sees price drop ahead of Eid
  • Govt bans aromatic rice export to control price  
    Govt bans aromatic rice export to control price  
  • Photo: Saqlain Rizve/TBS
    Sylhet floods push rice prices up Tk4-6 a kg

Related News

  • Gold dips on rising yields after Fed minutes signal patience
  • Gold prices come down in local market
  • Gold prices pinned near 2-1/2-month low as investors await Fed meeting
  • Gold prices dip as dollar strengthens towards pandemic high
  • Gold prices drop by Tk1,166 per bhori

Features

A Glittery Eid

A Glittery Eid

14h | Mode
Rise’s target customers are people who crave to express themselves through what they wear, and their clothing line is not relegated to any age range.

Level up your Eid game with Rise

15h | Mode
Stefan Dercon, a Professor of Economics at the University of Oxford and former Chief Economist of the Department of International Development (DFID). Illustration: TBS

Renewing the ‘elite bargain’ for Bangladesh’s future growth

18h | Panorama
The eye-catching commuter: Suzuki Gixxer SF 155

The eye-catching commuter: Suzuki Gixxer SF 155

1d | Wheels

More Videos from TBS

Is the Western intention to defeat Russia through Ukraine successful?

Is the Western intention to defeat Russia through Ukraine successful?

4h | Videos
Tattoo industry growing in Bangladesh

Tattoo industry growing in Bangladesh

4h | Videos
Ukraine to receive huge arms consignment

Ukraine to receive huge arms consignment

5h | Videos
Warren Buffett's 10 tips to get rich

Warren Buffett's 10 tips to get rich

7h | Videos

Most Read

1
Meet the man behind 'Azke amar mon balo nei'
Splash

Meet the man behind 'Azke amar mon balo nei'

2
TBS Illustration
Education

Universities may launch online classes again after Eid

3
Padma Bridge from satellite. Photo: Screengrab
Bangladesh

Padma Bridge from satellite 

4
Photo: Collected
Economy

Tech startup ShopUp bags $65m in Series B4 funding

5
World Bank to give Bangladesh $18b IDA loans in next five years
Economy

World Bank to give Bangladesh $18b IDA loans in next five years

6
Investor Hiru fined Tk2cr for market manipulation
Stocks

Investor Hiru fined Tk2cr for market manipulation

EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2022
The Business Standard All rights reserved
Technical Partner: RSI Lab
BENEATH THE SURFACE
Launch operators on various river routes see a steep drop in passengers after the opening of the the Padma Bridge. Photo: TBS

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net