Local jewelers have increased the price of 22-carat gold by Tk 1,936 per bhori (11.664 grams), according to a press release issued by the Bangladesh Jewellers Association (Bajus).

The decision, made during a meeting of Bajus’s standing committee on pricing and price monitoring on Sunday, was attributed to the rising cost of pure gold in the local market.

This latest price hike marks a historic high for gold prices in Bangladesh, following trends in the global market and the sustained rise in pure gold prices.

Industry insiders noted that gold prices have been steadily increasing over the past year, surpassing the Tk 100,000 per bhori mark for the first time on July 20, 2023. This marks the fourth price increase since August 5, when Sheikh Hasina resigned as Prime Minister and left the country amidst a mass uprising.

The ongoing rise in gold prices is linked to local market conditions and reflects broader global trends. According to a Reuters report, gold prices remained near record highs on Monday, supported by a weaker dollar and dovish comments from US Federal Reserve Chair Jerome Powell.

The prospect of an interest rate cut in September further bolstered gold’s appeal as a safe-haven asset. Spot gold rose by 0.6 percent to $2,526.15 per ounce at 1159 GMT, just $5 shy of the record high of $2,531.60 reached last week. US gold futures also increased by 0.6 percent, reaching $2,561.90.