Local jewellers are contemplating reduceing the prices of gold and silver following continuous downtrend in the international market, trade leaders said.
Bloomberg reported gold futures fell to an eight-month low as equities surged to a record, crimping demand for the precious metal as an alternative asset. Silver tumbled below $18 an ounce to the cheapest in four years.
"The price of gold fell by $ 15 per ounce in last one week in the international market after the last fixation of gold price in domestic market," Bangladesh Jewellers Samity (BJS) general secretary Enamul Haque Khan told the FE Sunday.
"The international market will be opened on Monday. If the downtrend in gold price continues and another fall of $ 10 to $ 15 per ounce is noticed then we (jewellers) will sit together within a day or twice to fix a new price for domestic market."
Mr Enamul said jewellers had reduced the price of the precious metal by Tk 1166 to Tk 1481 per bhori of different carats of gold and Tk 58 per bhori of silver for domestic market last week
The present price of per bhori 22-carat gold is Tk 45,723, 21-carat Tk 43,623, 18-carat Tk 36,975, and that of the traditional gold Tk 25,078 per bhori, according to BJS data.
Since August 25, the price of per bhori 22-carat gold was Tk 47,181, 21-carat Tk 45,046, 18-carat Tk 38,456, and the traditional gold Tk 26,244, according to the BJS.
Besides, the present price of silver is Tk 1108 a bhori which was Tk 1166 earlier in the domestic market.
The price of gold in international market on Friday last fluctuated from $ 1228.34 to $ 1213.85 per ounce while the price fluctuated from $ 1225.47 to $ 1236.03 per ounce on the last fixation of gold price in the domestic market.
ironlady_007@yahoo.com
