Gold price comes down

Sonia H Moni Local jewellers have reduced prices of gold by around Tk 1,200 per 'bhori' (11.66 grams) on an average following downward trend in its price in the international market, traders said. "The price of 22-carat gold will be decreased by Tk 1,283 per bhori in the local market due to the recent rapid falling trend of gold price in the international market," Bangladesh Jewellers Samity General Secretary Dewan Aminul Islam Shahin told the FE Tuesday. Mr Islam said: "The price of 21-carat gold declined by Tk 1,224, 18-carat by Tk 1,049 and traditional gold by Tk 1,166 per bhori. The new prices will be effective from today (Wednesday)." The newly-fixed gold prices are: 22-carat Tk 56,103 per bhori, 21-carat Tk 53,596, 18-carat Tk 45,956 and traditional gold Tk 34,992 per bhori, according to the traders. On November 16 the jewllers had changed the gold price. The price of 22-carat gold was Tk 57,386 per bhori, 21-carat Tk 54,820, 18-carat Tk 47,005 and traditional gold Tk 36,158 per bhori. Mr Islam said: "The price of per ounce gold was $1700 in the international market only seven days back. But on Tuesday when we discussed re-fixing of the gold price then the international market price was $ 1667." "That means gold price has come down in the international market. The price of gold is fluctuating in the international market for the last few months. On the other hand, the circulation of recycled gold has increased and the price of this kind of gold has also declined," he said. He added: "These two factors played a big role behind the latest gold price in the local market." The price of gold was between $1,667.84 and $1697.12 per ounce Tuesday evening, according to different websites. Bangladesh Jewellery Manufacturers and Exporters Association president Anwar Hossain told the FE: "The price of gold has been unstable during the last few months, and suddenly the price of gold fell. It is quite unpredictable to measure the trend of gold price." "Though the price of gold suddenly fell, it might increase swiftly if the Middle-East crisis deepened in near future." He added that the gold price could hit $2040 per ounce in the international market early next year as the gold price soared to an all-time high of $1,919 per ounce more than two months back.