Gold price hits record Tk1.06 lakh per bhori

The price of gold has increased to a record high of Tk1,06,339 per bhori. 

With the latest increase by Tk2,000 per bhori, 22-carat gold will cost Tk1.06 lakh, according to a Bangladesh Jeweller's Association (Bajus) press release issued on Saturday. 

Also, the prices of 21-carat gold has increased to Tk101,500 per bhori and 18-carat to Tk86,983 per bhori.

In July, the price of gold surpassed the Tk1,00,000-mark for the first time in Bangladesh.

The continuous increase in gold prices over the past year has been influenced by fluctuations in the international market and instability in the domestic supply.

Despite not importing significant quantities of gold, Bangladesh's gold prices closely follow global trends. The annual demand for gold in Bangladesh ranges from 20 to 40 tonnes, with approximately 80% of this demand being met through the use of smuggled gold.

In an effort to discourage imports and conserve foreign currencies, the central bank implemented a mandatory requirement in August of last year, stipulating a 100 percent margin on LC (letter of credit) opening for gold.