Gold rally continues, hits Tk 2.86 lakh per bhori

Gold surged past the Tk 285,000 mark per bhori from yesterday morning, breaking all previous records as the global rally of the metal continues. 

Yesterday, the Bangladesh Jewellers Association (Bajus) said it started selling gold at Tk 286,001 per bhori (11.664 grammes), effective from 10:15 am, owing to a spiral in the prices of pure gold. 

The association had fixed the rate of the metal at Tk 269,788 per bhori on Wednesday, up from the previous Tk 262,440 per bhori, showing that prices have risen by Tk 23,561 per bhori since January.

The announcement from Bajus came after gold hit a fresh record, nearly $5,600 per ounce, in the global market yesterday, as investors sought safety amid geopolitical and economic uncertainties, Reuters reported. 

Spot gold rose 2.6 percent to $5,538.69 an ounce by 03:49 GMT, after reaching a record $5,591.61 earlier in the day. One troy ounce equals 31.103 grammes.

“Growing US debt and uncertainty created by signs that the global trade system is splintering into regional blocs, rather than a US-centric model, are leading investors to pile into gold,” said Marex analyst Edward Meir.