Gold, silver prices go up from today
FE Report | Thursday, 22 January 2015
The local jewellers have decided to raise the prices of gold and silver following a sudden upward trend in their value in the international market, traders said.
"The price of gold rose by US$ 70 an ounce in the global market over the last ten days crossing $ 1,300 per ounce mark," Bangladesh Jewellers Samity (BJS) general secretary Enamul Haque Khan told the FE on Wednesday.
"We have decided to increase the price of gold by Tk 1,458 to Tk 1,493 per bhori of different carats while that of silver will also be increased by Tk 58 a bhori. The newly-fixed prices will come into effect from Thursday (today)," he said.
Bloomberg reported that gold exceeded $1,300 an ounce for the first time since August last year on speculation slowing global growth will prompt central banks to boost stimulus, spurring haven demand.
Investors are adding to gold-backed funds at the fastest pace in three years. Open interest in New York futures and options is at the highest in eight weeks, and money managers are the most bullish since August. Silver also climbed on Wednesday in London in its best start to a year in three decades.
After shunning gold for two years, investors are returning to the metal amid concern US growth won't be enough to offset weakness in foreign economies. Policymakers in Europe and Asia are being challenged to come up with new ways to spur growth amid prolonged below-target inflation. Bullion rose 70 per cent from December 2008 to June 2011 as the Federal Reserve pumped more than $2 trillion into the financial system.
The price of gold fluctuated from $ 1,302.90 to $ 1,288.26 per ounce in the global market until filing of the report Wednesday evening.
The newly-fixed prices of gold in the domestic market are Tk 46,014 per bhori of 22-carat, 21-carat Tk 43,915, 18-carat Tk 37,266 and the traditional gold Tk 25,544 while price of a bhori of silver is Tk 1,108, according to BJS data.
Earlier, the price of gold in international market fluctuated from $ 1,132.16 to $ 1,146.30 per ounce following which its price was fixed in domestic market on November 6 last.
The prices fixed on November 6, 2014 were Tk 44,521 per bhori of 22-carat gold, 21-carat Tk 42,422, 18-carat Tk 35,773 and the traditional gold Tk 24,086 while price of a bhori of silver was Tk 1,050.
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