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The Bangladesh-Bajus Jewelers Association announced on Wednesday an increase in the price of gold by 1,650 Tk per gram.
Bajus chairman Enamul Haque Khan Dolan said that the rise in gold prices was not due to rising prices on the international market, but rather to the appreciation of the US dollar.
He told bdnews24.com that the price of gold had been fluctuating on the international market for several days due to the Kovid-19 epidemic. But it has been in almost the same place for the past two weeks.
When the price of gold rose in the country on August 21, the world market price was 1940 pounds sterling an ounce (31.10347 grams). The price remains almost the same (৩ 1943).
“As the world economy stagnated due to the Kovid-17 epidemic, so did the value of the dollar,” said Dolan. Now that the situation begins to normalize, the dollar is also strengthening. The dollar has risen in our carbohydrate market.
“It just came to our knowledge then. That’s why the price has been increased.”
As of Thursday, the best quality gold (22 carats) will be sold at Tk 84,006 per gram (11.84 grams).
The 21-karat gold will sell for Rs 80,759. 18 carats will sell for Rs 72,111.
And the traditional gold method will sell for Rs 51,006.
The weight of gold has risen to 63 lakhs.
Prices are rising in the volatile gold market
Gold stores don’t sell now, there’s pressure to buy
The price of gold is the lotus
The price of gold is another lotus
As of Wednesday, the best quality gold was selling for Tk 72,256 an ounce. 21 carats were selling for Rs 79,109, 18 carats were selling for Rs 80,312. The traditional method of selling gold is Rs 50,36.
In the midst of the epidemic, the volatile market grew and the price of gold in the country rose to 6,000 rupees.
Then, on August 13, Bajus cut the price of all types of gold by 3,500 Tk. A week later, on August 21, the filling dropped to Tk 1,457.
“Despite the economic crisis caused by the coronavirus, the weakening of the US dollar due to the trade war between China and the United States, the fall in oil prices and various complex economic equations, gold prices fell in two phases on August 13th and 21st, but now they are on the domestic bullion market.The prices have gone up.
Therefore, taking into account the general situation, according to the Bajus decision, the price of gold has risen in the Bangladeshi market since Thursday.
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The price of gold in the Bangladeshi market continues to rise by leaps and bounds with the international market amid the stagnation of the economy due to the Kovid-19 epidemic.
In this situation, sales in gold shops are reduced to almost zero.
On August 5, Bajus announced that the price of all types of gold would increase by Tk 4,432. That rate is effective as of August 6. The price of 22 karat gold jewelry rose to 6,218 rupees; That was the highest gold price in the history of Bangladesh.
On January 1 of this year, the weight of 22 karat gold was 56 thousand 26 rupees.
Jewelry dealers said that each karat contains 91.8 percent pure gold at 22 carats, 7.5 percent at 21 carats, and 75 percent at 18 carats.
Traditional gold is made by melting old ornaments. In this case, there is no standard on what percentage of pure gold will match.
In jewelry making, the price is set by adding wages and value added tax (VAT) together with the price of gold.
However, even if the price of gold rises, silver will sell for Rs 933 as before.
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