FE desk
Gold prices in the country hit a record high of Tk 133,051 a bhori and the Bangladesh Jewellers Association (Bajus) decided to make the rate effective from today (Sunday).
The local jewellers raised the price of 22-carat gold by Tk 3,150 per bhori (11.664 grams), Bajus said in a statement on Saturday.
The price hike has been attributed to the increase in the price of pure gold (acid gold) in the local market.
According to the latest rate, 21-carat gold will be sold at Tk 126,998 per bhori, 18-carat at Tk 108,860 per bhori and traditional gold at Tk 89,218 per bhori.
Reuters adds: Gold soared above the $2,600 level on Friday for the first time, extending a rally boosted by bets for further US interest rate cuts, and rising tensions in the Middle East.
Spot gold was up 1.3 per cent at $2,620.63 per ounce by 1:43 p.m. ET (1743 GMT), while US gold futures settled 1.2 per cent higher to $2,646.20.
Bullion's latest rally got a fillip after the Federal Reserve initiated an aggressive easing cycle on Wednesday with a half-per centage-point reduction, adding to the appeal for gold, which pays no interest.
Prices of the safe-haven asset have climbed 27 per cent in 2024, their biggest annual rise since 2010, as investors also sought to hedge uncertainties spurred by prolonged conflicts in the Middle East and elsewhere.
The record rally has eroded retail demand in top consumers China and India.
Continued weakness in the dollar, which makes gold cheaper for holders of other currencies, offered additional tailwinds, analysts said.
