Gold falls by Tk 15,746 per bhori within 24 hours

Gold prices in the local market fell sharply within 24 hours, dropping by Tk 15,746 per bhori to Tk 2.55 lakh.

The Bangladesh Jewellers Association announced the price cut today, citing a decline in the prices of pure gold in the local market.

On Thursday, gold prices hit an all-time high of Tk 2.86 lakh per bhori in the country. Since then, prices have fallen by roughly Tk 31,000.

In the international market, spot gold lost 4.7 percent to $5,143.40 an ounce on January 30, as jittery investors moved to lock in profits, with hopes for aggressive US interest rate cuts fading and the dollar steadying, according to Reuters.

Bangladesh does not import significant volumes of gold. Domestic prices remain closely aligned with global trends. Under the Gold Policy 2018, annual domestic demand is estimated at between 20 and 40 tonnes.