Gold price registers fall in local market

Sonia H Moni Local jewellers reduced price of 22-carat (11.66 grams) gold by over Tk 1250 per 'bhori' following a declining trend in the international market, traders said. "The price of 22-carat gold has been reduced by Tk 1287 per bhori in the local market from this week, due to the recent falling trend of its prices in the international market," Bangladesh Jewellers Samity general secretary Dewan Aminul Islam Shahin told the FE Sunday. The newly fixed gold prices are -- 22-carat Tk 56,103 per bhori, 21-carat Tk 53,600, 18-carat Tk 45,956, and traditional gold Tk 34,992 per bhori, according to the traders. On September 25, the gold prices were -- 22-carat Tk 57,387 per bhori, 21-carat Tk 54,820, 18-carat Tk 47,355, and traditional gold Tk 36,158. Mr Islam said, "The price of gold in the international market was fluctuating from $1660 to $1687 per ounce at the end of last week and we fixed new gold price." He added: "The circulation of recycle gold in the local market has increased and the rate of dollar against BDT has appreciated in last few weeks and we observed that the gold price in the international market has been falling rapidly. All these factors played an important role in reducing the price of gold in the local market." The price of gold soared to all time high at $1,919 per ounce two months back, he added. Bangladesh Jewellery Manufacturers and Exporters Association (BJMEA) President Anwar Hossain told the FE: "The price of gold was showing a decreasing trend in the international market for the last few days." He said: "The price of gold might increase in the international market due to the upcoming biggest Hindu religious festival 'Dewali' in India. The Dewali will be celebrated on October 26. Around 60 tonnes of gold ornaments were sold in last Dewali in India and this year it might cross 100 tonnes." The BJMEA president said the price of gold might decline for a while, but it could hit $2,040 per ounce in the international market by early next year.