Local jewellers are considering revising gold prices downward in line with a declined rate of the precious metal in the international market, said Enamul Haque Khan, general secretary of Bangladesh Jewellers Samity (BJS).
"The association will sit shortly to decide on local prices of gold as its prices came down to US$ 1,220 per ounce in the international market on Tuesday," he told the FE.
Mr. Khan said the prices of gold in the international market have been showing a downward trend for last few days.
"If such a trend continues and international prices decline to US$ 1,210 per ounce, we will sit to revise the prices of gold for the domestic market," he added.
In the first week of this month, the prices of gold in the international market dropped to US$ 1,259 from US$ 1,276 per ounce. In the second week, it came down to US$ 1,219 per ounce.
The newly fixed prices of per bhori 22-carat gold are Tk 46,014, 21-carat Tk 43,915 and 18-carat Tk 37,266 while traditional gold Tk 25,544 and the price of silver is Tk 1,050 a bhori, according to BJS data on January 21, 2015.
The prices of per bhori 22-carat gold were Tk 44,521, 21-carat Tk 42,422, 18-carat Tk 35,773 and traditional gold Tk 24,086 while the price of per bhori silver was Tk 1,050. The prices were fixed on November 6, 2014.
Kitco news reported Monday that the gold market saw the biggest weekly decline in gross speculative long positions for the week ending Feb 10, according to the latest data from the US Commodity Futures Trading Commission.
The data confirmed analysts' speculations that investors took profits after the release of January's stronger-than-expected non-farm payrolls report.
Some analysts had noted that investors were exiting their long positions after prices hit the $1,300-an-ounce area in late January, in anticipation that the Federal Reserve could start raising interest rates by June.
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