Jewellers revise gold price upward
Wednesday, 6 October 2010
FE Report
Bangladesh Jewellers Association (BJA) has revised the gold price upward as the price hike of the precious metal continues on the international market.
The price has increased by about Tk 700 per 'bhori' in all three categories of gold and it became effective from Monday, BJA vice-president MA Hannan Azad told the FE.
Spot gold on Tuesday was quoted at $1327 per ounce and during the last one month, gold price has increased by over $80 per ounce and in one year over $300.
"We are worried about the business prospects as our gold stock is declining amid demand fall in the market," he said.
Most of the small jewellers are running short of customers and big shops are doing some business, he added.
"The business has become static in terms of value, but the volume has fallen drastically," he said adding, "The price has increased by about Tk 14,000 per bhori during the last one year."
"People are buying less volume of gold due to price hike even during the wedding season," he added.
Wedding season in the country begins from September and finishes in February.
The jewellers association revised the price on September 22 when international price was quoted at over $1290 per ounce and the current price of 22-carat gold is over Tk 39,500 per bhori or tola. An ounce equals 2.65 tolas.
Bangladesh Jewellers Association (BJA) has revised the gold price upward as the price hike of the precious metal continues on the international market.
The price has increased by about Tk 700 per 'bhori' in all three categories of gold and it became effective from Monday, BJA vice-president MA Hannan Azad told the FE.
Spot gold on Tuesday was quoted at $1327 per ounce and during the last one month, gold price has increased by over $80 per ounce and in one year over $300.
"We are worried about the business prospects as our gold stock is declining amid demand fall in the market," he said.
Most of the small jewellers are running short of customers and big shops are doing some business, he added.
"The business has become static in terms of value, but the volume has fallen drastically," he said adding, "The price has increased by about Tk 14,000 per bhori during the last one year."
"People are buying less volume of gold due to price hike even during the wedding season," he added.
Wedding season in the country begins from September and finishes in February.
The jewellers association revised the price on September 22 when international price was quoted at over $1290 per ounce and the current price of 22-carat gold is over Tk 39,500 per bhori or tola. An ounce equals 2.65 tolas.