Gold price goes up

FE Report The price of gold has gone up following its upward trend in the international market and supply shortage of recycled gold in the domestic market, a Bangladesh Jewellers Samity (BJS) leader said Monday. "The price of gold has gone up by Tk 758 to Tk 933 a bhori (11.664 grams) for different carats. The newly fixed price came into effect from Monday," BJS General Secretary Dewan Aminul Islam Shahin told the FE. The newly fixed prices are: a bhori of 22-carat gold Tk 53,246; 21-carat Tk 50,855; 18-carat Tk 43,623 and traditional gold Tk 31,143. On April 23, the prices were: a bhori of 22-carat gold Tk 52,313; 21-carat Tk 49,980; 18-carat Tk 42,865 and the traditional gold Tk 30,326, according to the BJS. The BJS leader said: "After three and a half months of downtrend in the international gold market, suddenly it started to go up. On the other hand the crisis of recycled gold is also continuing." The jewellers are dependent on local recycled gold to make ornaments. They buy recycled gold from bullion sellers, locally known as 'Poddars'. "Due to supply shortage of recycled gold, the bullion sellers of Tanti Bazar are demanding higher price for their product, which does not match with the international price," he said. The decision of raising the gold price came at a meeting of BJS leaders Saturday based on the international gold price of Friday. Gold was traded between US$ 1,485 and US$ 1,448.82 per ounce in the international spot market Friday, according to www.kitco.com.