Gold price reduced by Tk840 per bhori

The price of gold reduced slightly a day after a record hike.

Staff Correspondent

Apr 20 2024 9:54 AM

Gold price reduced by Tk840 per bhori
Photo: Collected

The price of 22-carat gold has been reduced to Tk118,798 per bhori, a decrease of Tk840.

With the new rates effective from Saturday, the price of 21-carat and 18-carat gold declined to Tk113,358 and Tk97,162 per bhori respectively.

The price of the precious metal nosedived a day after reaching its all-time high of Tk 119,637.

Since March 22 of this year, gold has been trading at Tk 114,074 per bhori.

The country witnessed gold prices surpassing Tk1 lakh per bhori for the first time on July 20 last year.

Despite Bangladesh not importing a significant quantity of gold, prices are consistently influenced by international fluctuations and domestic market volatility.

With an annual demand ranging from 20 to 40 tonnes, approximately 80 percent of the country's gold demand is fulfilled through smuggling.

 In August of last year, the Bangladesh Bank mandated a 100 percent margin requirement on letters of credit for gold, aiming to discourage imports and conserve foreign currency.