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

Friday
July 01, 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
FRIDAY, JULY 01, 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

  • A closed Ikea city shop at a shopping mall in Moscow, earlier in April. Photographer: Kirill Kudryavtsev/AFP/Getty Images/Bloomberg
    Sanctions-ravaged Russia offers opportunities for Indian firms
  • Evaly left with products worth Tk25cr 
    Evaly left with products worth Tk25cr 
  • EU’s REX system: Exporters now enjoy hassle-free certification of goods origin
    EU’s REX system: Exporters now enjoy hassle-free certification of goods origin

MOST VIEWED

  • 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
  • Rice bran oil ‘Spondon’ rolls out in market
    Rice bran oil ‘Spondon’ rolls out in market
  • Onion prices go up by Tk20 per kg due to supply crunch
    Onion prices go up by Tk20 per kg due to supply crunch
  • Soybean oil price cut only by Tk6 a litre
    Soybean oil price cut only by Tk6 a litre
  • Representational image. Picture: Collected
    Edible oil price likely to drop in two days: Commerce secy

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

Photo: Collected

Sapiens – A Graphic History 

7h | Book Review
Black-naped Monarch male  Photo: Enam Ul Haque

Black-naped Monarch: A sovereign who never abandoned the Indian subcontinent

8h | Panorama
The 136-year-old company on its last legs

The 136-year-old company on its last legs

9h | Features
Agricultural worker walks between rows of vegetables at a farm in Eikenhof, south of Johannesburg, South Africa. Photo: Reuters

With vast arable lands, why is Africa dependent on imported grain?

6h | Panorama

More Videos from TBS

Dhaka University celebrating 102nd founding anniversary today

Dhaka University celebrating 102nd founding anniversary today

6h | Videos
Ctg Int'l Trade Fair returns after a 2-year hiatus without Covid restrictions

Ctg Int'l Trade Fair returns after a 2-year hiatus without Covid restrictions

7h | Videos
Bangladeshis among top 6 nationalities seeking asylum in Europe

Bangladeshis among top 6 nationalities seeking asylum in Europe

8h | Videos
RUET organises Robotronics 2.0

RUET organises Robotronics 2.0

8h | Videos

Most Read

1
Padma Bridge from satellite. Photo: Screengrab
Bangladesh

Padma Bridge from satellite 

2
Meet the man behind 'Azke amar mon balo nei'
Splash

Meet the man behind 'Azke amar mon balo nei'

3
Photo: TBS
Bangladesh

Motorcycles banned on Padma Bridge 

4
Photo: Collected
Economy

Tech startup ShopUp bags $65m in Series B4 funding

5
Photo: Courtesy
Corporates

Gree AC being used in all parts of Padma Bridge project

6
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

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
Workers with minimum safety equipment are busy producing iron rods at a local re-rolling mill at Postogola in Old Dhaka. Reused metals from the adjacent shipyards in Keraniganj have played a major role in establishing several such mills in the area. PHOTO: Mumit M

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