Gold Prices Surge by Over 2,000 Taka Per Bhori on Friday Holiday
On Friday, coinciding with the weekly holiday, the price of gold saw a significant increase, rising by up to 2,216 Taka per bhori. This surge follows a decrease of 3,324 Taka per bhori on the previous day. The price of silver also experienced a slight rise, increasing by up to 175 Taka per bhori. These new prices for gold and silver became effective at 10 AM today, as announced by the Jewelers Association in a press release. The association cited an increase in the domestic prices of pure gold and silver as the reason for the adjustment, despite a slight dip in global gold prices after an initial rise today. According to the revised rates, one bhori (11.664 grams) of 22-carat gold now costs 224,182 Taka. Prices for other karats include 21-carat at 214,093 Taka, 18-carat at 183,883 Taka, and traditional gold at 150,232 Taka. Specifically, 22-carat gold is now 2,216 Taka more expensive per bhori compared to yesterday, with 21-carat gold up by 2,099 Taka, 18-carat by 1,808 Taka, and traditional gold by 1,458 Taka. Due to the inclusion of VAT in the gold prices, buyers will not be charged separate VAT on gold jewelry. The government reduced the VAT on gold in the budget for the 2026-27 fiscal year, setting a fixed VAT of 2,500 Taka per bhori of gold jewelry, down from the previous 5% of the total price. In the silver market, 22-carat silver now costs 4,723 Taka per bhori, an increase of 117 Taka. The price of 21-carat silver has risen to 4,548 Taka, which is 175 Taka higher than yesterday.
The fluctuation in domestic gold and silver prices, attributed by the Jewelers Association to rising local rates of pure precious metals, highlights the sensitivity of the Bangladeshi market to both internal supply dynamics and external global trends. The adjustment in VAT policy, shifting from a percentage-based to a fixed rate for gold jewelry, aims to simplify taxation and potentially stimulate consumer demand by providing price certainty. This move, coupled with the recent price volatility, suggests an ongoing effort by policymakers to balance revenue generation with market stability and consumer affordability in the precious metals sector. Future price movements will likely depend on the interplay of global commodity markets, domestic economic conditions, and the effectiveness of these fiscal adjustments.
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