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Bangladesh: Gold prices cut again

The prices of gold have been reduced again in the local market within one month following a downward trend of its prices in the international market, traders said.

“The price of 22-carat gold has been cut by Tk 1,166 per ‘bhori’ in the local market due to the recent falling trend of gold prices in the international market,” Bangladesh Jewellers Samity (BJS) General Secretary Dewan Aminul Islam Shahin told the FE.

“We have observed that the prices of gold are declining in the international market for the last few days. So, we have reduced the price that came into effect from Tuesday.”

Mr Islam said: “The price of 21-carat gold has been cut by Tk 1,108 per ‘bhori’, 18-carat by Tk 991, and traditional gold by Tk 1,152 ‘bhori’.”

The newly-fixed prices of gold are: 22-carat Tk 54,937 per ‘bhori’, 21-carat Tk 52,488, 18-carat Tk 44,965, and traditional gold Tk 33,850 per ‘bhori’, according to the BJS and local traders.

On November 23, the gold prices were: 22-carat Tk 56,103 per ‘bhori’, 21-carat Tk 53,596, 18-carat Tk 45,956, and traditional gold Tk 34,992 per ‘bhori’, according to the traders.

Mr Islam said the local jewellers discussed about reducing the gold prices, when its price came down to around $1,600 per ounce in the international market.

Bangladesh Jewellery Manufacturers and Exporters Association president Anwar Hossain told the FE: “The price of gold has been unstable during the last few months, and suddenly it declined.”

“The local jewellers have reduced the market prices of gold here, following its falling trend in the international market. The prices have been reduced twice in a month that might attract the customers to buy gold ornaments,” he added.

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Posted by on Dec 24 2011. Filed under Gold price. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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