STAR BUSINESS REPORT

Local gold prices are going to hit a new record high, as Bangladesh Jewellers’ Association (Bajus) decided to hike its prices to Tk 145,123 a bhori or 11.664 grammes with effect from today.

The standing committee on pricing and price monitoring of Bajus took the decision at a meeting yesterday, citing a rise in pure gold prices in the local market.

The previous price of each bhori of 22-carat gold ornaments was Tk 142,790.

The price of gold in Bangladesh has been rising steadily for more than a year, influenced by hikes in the international market and volatility in domestic supply.

In July 2023, the price of gold crossed the Tk 100,000-mark for the first time in Bangladesh.

Although Bangladesh does not import any significant quantity of gold, its prices are linked with international trends.

In Bangladesh, the annual demand for gold stands at between 20 and 40 tonnes and about 80 percent of the demand is met through smuggling.

GLOBAL MARKET

Gold prices surpassed the key $2,800 mark for the first time on Friday, fuelled by a rush to safety following US President Donald Trump’s tariff threats, which heightened concerns about global economic growth and inflationary pressures, Reuters reported.

Spot gold rose 0.3 percent to $2,801.29 per ounce by 01:41 p.m. ET (1841 GMT), after hitting a record peak of $2,817.23 earlier in the session.

US gold futures settled 0.4 percent lower at $2,835, trading a premium to spot gold rates.

“There’s a lot of uncertainty out there right now and also wait-and-see attitude on the geopolitical stage with tariffs,” said Bob Haberkorn, senior market strategist at RJO Futures.