Jewellers planning yet another hike in gold price

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Md Mehmood Husain, President & Managing Director of Bank Asia formally inaugurating the 63rd branch of the bank at Madhobdi Tuesday. Mohammed Roshangir, Deputy Managing Director, Md Arfan Ali, Senior Executive Vice President of the bank and Hazi Md Elias,

Sheikh Shahariar Zaman
Bangladesh Jewellers Association (BJA) is planning to increase gold price in line with the rising trend in the international market.
"Gold price in Bangladesh is influenced by the international movement of the value of the precious metal and it crossed $1,200 mark per ounce today (Friday)," BJA Chairman MA Wadud Khan told the FE.
The association increased the gold price by Tk 1,000 across the board on April 28 to match with the international price.
Mr Wadud said the jewellers have to increase the price otherwise the precious metal could be smuggled out to the neighbouring countries.
Demand and supply mismatch is the main reason behind the recent price hike in the international market, Mr Wadud said.
"Another reason is that speculators are losing confidence on dollar or euro and bank on gold as the safe investment," he said.
A couple of months back, gold price shot up by $60 to $70 per ounce in one day over a rumour that oil exporting countries' organisation - OPEC - would not accept dollar in return of oil sale, he added.
BJA General Secretary Enamul Haque Khan said demand for gold has increased sharply in India and China with the increase in the purchasing power of the people of those countries.
"Earlier Chinese people did not use gold but now they are buying it as their per capita income increased manifold," he said.
At present, gold price of 22-carat per bhori (11.67 gram) is Tk 34,933, 21-carat Tk 33,359 and 18-carat Tk 29,743.
A Bangladeshi expatriate can bring 10 kgs of gold after paying tax of Tk 125 per bhori and 200 gram without any tax.