Gold price rises Tk 2,158 per bhori in nine hours

Gold prices in Bangladesh increased by Tk 2,158 per bhori within nine hours on Thursday, reversing a price cut announced earlier in the day.

According to the Bangladesh Jewellers Association (BAJUS), the new rate took effect from 7:00pm, raising the price of 22-carat gold - the highest quality - to Tk 242,495 per bhori (11.664 grams).

BAJUS said the latest increase was driven by a rise in the price of pure gold in the local market.

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The decision was made at a meeting of the BAJUS Standing Committee on Pricing and Price Monitoring held on Thursday afternoon, according to a notice signed by committee chairman Dr Dewan Aminul Islam Shaheen.

Earlier in the day, from 10:00am, BAJUS had reduced the same category of gold by Tk 2,158 per bhori. That cut followed four consecutive reductions totaling Tk 9,856 per bhori.

After the continuous decline, the latest revision pushed gold prices up again by the evening.