"My mother's jewels were stolen a few years back. I wanted to buy at least two to three bhoris of gold for my wedding. But I don't think it's possible anymore," says a bride-to-be from Noakhali anonymously.
The gold market of Bangladesh has been volatile for the past year. But the beginning of 2026 has been marked by constant financial anxiety. People watched in disbelief as the price of gold soared through the roof in a matter of days, even hours. According to the Bangladesh Jewellers' Association (BAJUS), as of Tuesday, 10th February, the price of a single bhori (11.664 grams) of 22-carat gold is 261,041 BDT.
The volatility reached a fever pitch on 3rd February, when the price changed multiple times in a single day, increasing by more than 16,000 BDT per bhori. The highest price was set on 29th January, when a single bhori of 22-carat gold reached 286,000 BDT.
In the first month of 2026, the price increased by more than 62,000 BDT.
This 'abnormal' hike and the sudden fluctuations of thousands of taka within hours are pushing the precious metal out of reach for middle- and lower-income classes. Stakeholders say that while jewellery sales usually spike during the winter wedding season, they are currently on a downward trend.
For decades, gold has been the epitome of luxury in the Bengali household. But now everyone's favourite shimmer is being replaced by an almost necessary search for alternatives.
Why the sudden price hike
Gold has always been known as a 'haven' or a secure investment. Whenever there is instability, whether political or economic, investors move away from risky assets and toward gold. The unpredictable price hike in gold in Bangladesh is linked to ongoing global market uncertainty.
"BAJUS adjusts the local market to match the international price as we have to import", said Iqbal Hossain Chowdhury, the Vice President of the association.
He said, "The dollar's losing value. Many countries are enriching gold, leaving the dollar behind."
Analysts believe it reflects global politics and economic instability, and right now, global stability is hanging by a thread because of the unpredictable actions of US President Donald Trump. Predictions suggest this uncertainty could push gold prices to $7,000 per ounce.
Disappointed traders
This unprecedented price hike and constant fluctuations are crushing businesses across the country, especially small and medium-sized enterprises.
Traders think the gold price was already too high for middle-class people to afford, but now it's beyond imagination. They don't believe this volatility in gold prices will subside anytime soon.
Khokon Chowdhury, who grew up in Dhaka's Rayerbazar, recalls a time when 10 to 20 small jewellery stores lined his local streets. "But not anymore. Now there are hardly 3 to 4 stores, and I'm not talking about brands," he concerningly said.
By the end of 2023, the price of one bhori 22-carat gold had crossed six digits, a record which, to many people, including Mr Chowdhury, marked the beginning of a crisis. Refering winter as a 'peak' season, one gold trader from Banani, anonymously, said, "Customers aren't coming like before. Now, many are opting for 'City Gold' (imitation jewellery) as a budget-friendly alternative."
Searching for alternatives?
As if the record-high price wasn't enough, there are additional charges too. To make gold jewellery, 5 per cent VAT and a 6 per cent making charge have to be paid, which means paying an extra 28,000 to 30,000 BDT per bhori.
An anonymous service holder from the capital said, "For my wedding, I bought 7 bhoris of gold at around 4 and a half lakh taka from New Market in Chittagong in 2000. The rise is understandable, but this much? That I never predicted." His words surely reflects disapointments; however, according to BAJUS gold price was around 6000 to 7000 thousand taka per bhori in 2000.
As gold is becoming an 'ultra-luxury' item reserved only for the top 1 per cent, the rest of the country is learning to find beauty in alternatives.
The 'imitation' or 'costume jewellery' market is no longer considered cheap; now it is being rebranded as 'trendy'.
When asked about the wedding ornaments, the bride-to-be from Noakhali replied, "I dreamed of wearing a gold necklace with red Banarasi for my wedding. Now I will perhaps opt for imitation or gold-plated jewellery." Like her, many people might lean towards alternatives like imitation gold, city gold, or gold-plated jewellery.
While roaming around the New Market area, especially in the Chandni Chowk, an extensive collection of imitation jewellery is available. From necklaces and earrings to bangles and ankle bracelets.
Not just brass, copper, or gold- or silver-plated alloys; one can also find stone, antique, and oxidised jewellery that is much trendier now. The speciality of these jewels is that they range from affordable to luxurious.
But there's always silver. Compared to gold, silver is 'affordable' and, at the same time, elegant, costing around 6,500 BDT for 22-carat a bhori according to BAJUS's latest update.
People have been leaning towards diamonds over the last two to three years as well. According to Sanjib Debnath, manager of Diamond and Diva, diamond sales have increased, especially in the first month of 2026. He said, "People still prefer gold. Most of them are choosing to buy diamonds because they cannot afford gold anymore."
"Even having customers choosing diamonds, mostly they are buying diamond-studded gold, which costs a lot less," he added, which reflects that people want a touch of gold.
A customer in New Market said, "I wanted to buy a gold ring only, but it will cost me at least 60-70 thousand. So I thought it was better to buy this one," pointing to a diamond-gold ring, which was worth almost half the price of the gold one.
Many street-side jewellery shops in the new market area are always crowded.
Online markets are becoming popular for jewellery shopping. There are many pages on social media making alternative ornaments trendy among people. Most of these pages have offline stores, but some rely entirely on online sales.
To understand the shift in bridal ornament trends, the author spoke with multiple makeover salon artists. The admin of Gala Makeover Studio and Salon said that these days, brides are choosing a variety of jewellery. "Some are obviously choosing gold, but there are a lot of brides who prefer diamonds, platinum, or silver," she said.
But it's not always about not being able to afford gold. Some people are ditching gold because it just doesn't suit their style.
"Why does it always have to be gold? My mother loves gold, but I don't. I think diamond-cut or even antique jewellery would suit me more," says Humayra, a 24-year-old university student.
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