After an unusual surge in global gold prices, a sharp decline has been observed. Over the past few days, the international market has seen a notable drop in the price of gold per ounce, which has already affected the domestic market.
Experts predict that after the Eid holidays, another announcement to reduce gold prices in the country could be expected. In the last five days, the global price of gold per ounce has fallen by more than $6.
Although prices have decreased recently, gold had previously seen a steep rise. Within six months, the price of one ounce increased from $3,400 to over $5,400—an increase of $2,000 per ounce. Following this unusual surge, prices are now declining.
Due to the sharp fall in the global market, domestic gold prices have also been reduced. On March 19, the price of one bhori of high-quality gold was lowered by Tk 15,338. Currently, the price of the highest-quality 22-carat gold stands at Tk 246,927 per bhori, 21-carat gold at Tk 235,671, 18-carat gold at Tk 202,020, and traditional-style gold at Tk 164,521 per bhori.
After the latest reduction, the global price of gold per ounce has fallen by nearly $500, suggesting that domestic prices could drop further. A responsible member of the Bangladesh Jewelers Association (BAJUS) said that given the rate at which global prices are falling, local gold prices are likely to be reduced. However, due to the Eid holidays, no price cut decisions were made in the past few days. An announcement may come after the Eid break.
Data shows that when domestic gold prices were last reduced on March 19, the global price per ounce was around $4,860. As of 11:20 am on March 23, it has fallen to $4,366—a drop of $500 per ounce, and $600 over the past week.
Before this recent decline, global gold prices had experienced a record surge. In September last year, the price per ounce was below $3,400. Gradually, it increased and reached a record $5,408 per ounce on March 2 this year. Following this record rise, a price correction is now underway.