Local jewellers have decided to decrease the price of gold in the domestic market to keep pace with the international market.
"The price of different carat gold will decrease by Tk 1,167 to Tk 1,050 on a bhori (11.664 gram). The newly fixed price will be effective from Sunday," Bangladesh Jewellers Samity (BJS) general secretary Dewan Aminul Islam said Saturday.
The newly fixed prices of different carats gold are: per bhori of 22-carat gold Tk 47,239; 21-carat Tk 45,081; 18-carat Tk 38,608; and the traditional gold Tk 26,244, according to BJS data.
Since mid-February, the price of per bhori 22-carat gold was Tk 48,406, 21-carat Tk 46,248, 18-carat Tk 39,658, and the traditional gold Tk 27,410.
Mr Islam said, "After a gap of three and a half months, we are revising the price of gold in the local market. The international price of gold fluctuated from $ 1,242.30 to $ 1,266.23 per ounce of gold till Friday while it was $1,299.27 to $1,320.43 an ounce till February 15 last. It is around $60 lower than our last price fixation in February last."
According to the Bloomberg, gold futures fell, capping the biggest weekly drop since September, after a U.S. equity rally and signs of easing tensions in Ukraine curbed demand for the precious metal as a haven. Silver dropped to an 11-month low.
Last year, gold tumbled 28 per cent on concern that the Federal Reserve would taper the pace of monetary stimulus as the economy rebounded.
Russia has pulled back most of its troops from the border with Ukraine, according to a U.S. defense official. Gold dropped below $1,250 an ounce to a 16-week low and posted the fifth straight daily decline, the longest slump since April 1.
