Gold price likely to be re-fixed upward

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Sonia H Moni
The price of gold may be re-fixed in the local market if its price crosses $1700 per ounce in the international market, a leader of Bangladesh Jewellers Samity (BJS) told the FE Tuesday.
"The price of gold in the international market has been showing an upward since last few days and Tuesday it was between US$ 1684 and US$ 1693 till evening in Bangladesh," BJS General Secretary Dewan Aminul Islam Shahin told the FE.
He said: "The price of gold was comparatively low in the first 20 days of this month but suddenly it started rising. It could cross US$1700 per ounce anytime and then we will sit with the local jewellers to take decision on the new price of gold."
The prices of gold are: one 'bhori' 22-carat gold Tk 57,445, 21-carat Tk 54879, 18-carat 47,005 and traditional gold Tk 35,691 in the local market. The price was fixed on March 16.
On March 4, the prices of gold were: 22-carat Tk 58,941 per bhori, 21-carat Tk 56,318, 18-carat Tk 48,272 and traditional gold Tk 37,079, according to BJS.
The price of gold in the local market came down on two occasions in the first half of this month.
The international gold price dropped by around $55 per ounce on March 14 this year and the local jewellers re-fixed the gold price accordingly. Then the international gold price was $1645 per ounce.
The biggest producers of gold are China, Australia, the United States, South Africa, Russia, Peru and Indonesia. The biggest consumers of gold jewellery are India, China, the United States, Turkey, Saudi Arabia, Russia and United Arab Emirates (UAE).
Half of the gold consumption in the world is in jewellery, 40 per cent in investments and 10 per cent in industry, according to Wikipedia.