Gold prices go down from today

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Sonia H Moni
The domestic market prices of gold goes down from today (Tuesday) following a downward trend in the international market and big demand for the precious metal during the wedding ceremony, traders said.
"The prices will be reduced by Tk 875 to Tk 1,166 a bhori (11.664 gram) for different types of gold in the domestic market," Bangladesh Jewellers Samity (BJS) General Secretary Dewan Aminul Islam Shahin told the FE Monday.
The newly fixed price of different types of gold are: one bhori of 22-carat Tk 58,320, 21-carat Tk 55,754, 18-carat Tk 47,822 and the traditional gold Tk 35,575, according to the BJS.
On September 21, the prices of gold were: One bhori of 22-carat Tk 59,486, 21-carat Tk 56,807, 18-carat Tk 48,697 and the traditional gold Tk 36,858, according to the BJS.
BJS President Dilip Roy said: "The price of gold in the international market is fluctuating for last two months. Before US election the price fluctuated between $ 1660 and $ 1670 per ounce."
"But we cannot reduce the price in the domestic market as the price of gold reached to $1730 to $1735 per ounce. And it was fluctuating rapidly. So, we had to wait for stability," he said.
BJS GS Mr Shahin said: "The newly fixed price of gold will be effective from Tuesday. After more than three months of fixing the price of gold we have re-fixed it."
Referring to www.kitco.com, a website, he said: "Gold was traded between $ 1653 and $ 1668 per ounce in the international spot market. The price is fluctuating since the US election."
"The international market was not stable. So, we had to wait and now we have revised the price in the domestic market based on $1660 per ounce in international market," he said.
He also said: "In our country winter is the best season for wedding. So, the reduced price will attract the clients to buy bridal gold ornaments."