Gold prices in Bangladesh have reached an unprecedented level, with jewelers announcing another increase in just a day. Starting tomorrow, the price of 22-carat gold will rise to Tk 138,708 per bhori (equivalent to 11.664 grams), marking the highest price ever recorded in the country.

The Bangladesh Jewellers Association (Bajus) made the decision during a meeting of its Standing Committee on Pricing Monitoring held earlier today. The committee attributed the price hike to the rising cost of pure gold in the local market, raising the price of 22-carat gold by Tk 3,045 per bhori.

This latest increase is part of a steady upward trend in gold prices that has been ongoing for over a year. Gold crossed the Tk 100,000 per bhori mark for the first time in July 2023, and prices have climbed since then. Bajus regularly adjusts the prices to reflect fluctuations in both local and international markets.

Although Bangladesh does not import large quantities of gold directly, its prices are closely tied to global market trends. Gold prices worldwide have been volatile due to factors such as inflation concerns, economic uncertainty, and geopolitical tensions, which in turn influence local pricing.

The annual demand for gold in Bangladesh is estimated to be between 20 and 40 tonnes. Industry insiders report that around 80 percent of this demand is met by smuggled gold, as formal imports are limited. The heavy reliance on informal channels has made it challenging to stabilize prices or predict future market behavior with certainty.

The latest price surge is likely to impact both retailers and consumers. Rising gold prices may affect consumers’ purchasing power, particularly those buying jewelry for special occasions like weddings or religious ceremonies, where gold traditionally plays a central role.