Gold Prices Rise for Second Consecutive Day in Bangladesh
Gold prices in Bangladesh have increased for the second day in a row, with a significant jump of 2,741 Taka per bhori for 22-carat gold on Wednesday. This follows a 1,633 Taka increase on Tuesday, bringing the total rise over two days to 4,374 Taka per bhori. The Bangladesh Jewelers Association (BAJUS) announced the price adjustment, effective from 10 AM, citing an increase in the price of pure gold in the domestic market. The new price for 22-carat gold is now 224,182 Taka per bhori, with corresponding increases for 21-carat, 18-carat, and traditional gold. Silver prices have also been raised, with 22-carat silver now priced at 4,782 Taka per bhori. Globally, gold prices saw a rise of $55 per ounce up to late Tuesday night in New York, though they have decreased by $59 per ounce over the past month. Notably, VAT on gold jewelry will no longer be collected separately, as it has been integrated into the price, and the government has reduced the VAT on gold jewelry to 2,500 Taka per bhori for the 2026-27 fiscal year, down from 5% of the total price.
The recent surge in domestic gold prices, attributed to rising raw gold costs, reflects the interconnectedness of global commodity markets with local economies. While the BAJUS cites increased raw gold prices as the primary driver, the concurrent global price fluctuations and the timing of domestic adjustments warrant examination of market dynamics and potential speculative influences. The government's decision to integrate VAT into the price and reduce the rate for jewelry aims to stimulate consumer demand and potentially curb the informal market, though its long-term impact on revenue and market stability remains to be seen. This price volatility underscores the challenges for consumers and jewelers alike in navigating an increasingly unpredictable economic landscape, influenced by both international trends and domestic policy interventions.
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