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Jewelry merchants have said that prices on the international market have dropped after the US vote.
Dilip Kumar Agarwala, General Secretary of the Bangladesh Jewelers Association (BAJUS), told bdnews24.com: What is the outcome of the election? All increased their gold reserves in light of fears of instability. As a result, prices went up.
“Wherever you look today, the tide of protectionist sentiment is flowing. As a result, the price of gold is going down.”
Bajus announced in a statement on Tuesday that it would reduce the price of all types of gold by Rs 2,506.
The best quality gold (22 carats) will be sold at Tk 63,833 per gram (11.84 grams) from Wednesday on the domestic market.
The 21-karat gold will sell for Rs 60,174. 18 carats will sell for Rs 61,938.
And the traditional gold method will sell for Rs 51,613.
Until Tuesday, best quality gold (22 karat) at Rs 8,341, 21 karat gold at Rs 63,859, 18 karat gold at Rs 74,444 and
Traditional gold sells for Rs 54,121.
If the price of gold falls further in the international market, the price will also adjust in the local market.
On October 15, jewelery traders raised the price of all types of gold by 2,333 Tk. Before that, it was increased once and then decreased.
Gold prices rose again
The price of gold is two thousand five hundred rupees.
Agarwala, co-founder of Diamond World, said that the demand for gold increases mainly during any economic uncertainty and recession. And that’s why investors have been turning to gold since the start of the coronavirus epidemic this year. This led to a record price increase.
This time in August, the price of gold in the country’s market exceeded 7 lakhs, which is a record in the history of Bangladesh.
Prices are rising in the volatile gold market
Prices are rising in the volatile gold market
Agarwala said prices on the international market rose to 2,082.50 pounds an ounce last August. It was at this time that the countries of Europe and North America began to accumulate gold. Investors in these countries continue to push for reserves to hit record prices, even in the midst of an epidemic. In total, the price of gold has risen 21 percent this year.
The gold market became more volatile in the wake of the US elections.
But then the price fell and on Tuesday night the international market spot gold price fell to £ 1,704, the lowest since July.
Agarwala said the price of gold has fallen 100 pounds an ounce (31.10346 grams) in the three weeks after the election. Prices have been falling since Joe Biden won.
Although the price of gold has dropped in the country, there have been no changes in the price of silver. Silver jewelry will be sold at the above price.
Bajus has announced the sale of Hallmark Silver (KDM) as Gold as of September 21.
22-karat silver sells for Rs 1,518 per gram. The 21 karat silver ornaments sell for 1,435 rupees. The 18-karat bhari sells for 1,225 rupees. And the traditional method of silver jewelry sells for 933 rupees.
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