Gold price marks further fall

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FE Report
The price of gold will come down again by Tk 1050 to Tk 1866 per bhori from today (Friday) in the local market following the downward trend in the international market.
"The price of a bhori (11.664 gram = one bhori) of 22-carat gold will be refixed at Tk 55,287 today (Friday)," Bangladesh Jewellers Samity (BJS) General Secretary Dewan Aminul Islam Shahin told the FE Thursday.
The price of 22-carat gold will decrease by Tk 1,166 per 'bhori', 21-carat gold by Tk 1050, 18-carat by Tk 1750 and the traditional gold by Tk 1866.
The newly fixed prices of gold are: one 'bhori' 22-carat gold Tk 55,287, 21-carat Tk 52837, 18-carat Tk 45,256 and the traditional gold Tk 33,825, according to the BJS.
On May 12, the prices of gold were: one 'bhori' 22-carat gold Tk 56,453, 21-carat Tk 53,887, 18-carat Tk 47,005 and the traditional gold Tk 35,691, according to the BJS.
The local traders decided to re-fix the new price of gold Wednesday. On that day, the international gold price fluctuated from $1530 to $1540 till evening, according to the website.
Mr Shahin said: "The price of gold had been marking a downward trend since last few weeks. The supply of gold in the international market is abundant and the price is falling due to higher number of sellers than buyers."
He said: "This falling trend might continue for next few days in the local market."
Mr Shahin said: "We have already sent letters to the jewelry shops in the city about newly fixed gold price".
"Jewellery shops that are closed Friday, will get the letter by Saturday morning and all the district jewelry shop owners have already been informed of the new price over telephone and short message service, he added.