Gold prices in Bangladesh have surged by Tk 8,806 per bhori in two consecutive hikes over two days, with the Bangladesh Jewellers Association (BAJUS) setting the price of 22-carat gold at Tk 229,664 per bhori.
BAJUS raised the price on Thursday of 22-carat gold by Tk 5,482 per bhori, following a Tk 3,324 increase on Wednesday.
The latest price came into effect from Thursday morning, according to a BAJUS press release.
The association said the price adjustment was made considering the overall market situation, following an increase in the price of pure gold (tejabi gold) in the local market.
Under the latest price structure, a bhori (11.664 grams) of 22-carat gold costs Tk 229,664, including VAT.
The price of 21-carat gold has been set at Tk 219,342 per bhori, while 18-carat gold will cost Tk 188,374.
The price of traditional-method gold has been fixed at Tk 153,848 per bhori.
On Wednesday, 22-carat gold was priced at Tk 224,182 per bhori, while the price stood at Tk 220,858 on November 3.
This means gold prices have increased by Tk 8,806 per bhori in just two days.
Global gold prices also surge
Meanwhile, gold prices have also recorded a sharp rise in the international market.
The rally came as the US dollar weakened and Treasury yields declined following a major victory by Democrats in the US midterm elections.
Spot gold rose 1.9 percent to $4,134.83 per ounce on Thursday, reaching its highest level since October 22.
The precious metal had also gained 3.4 percent on Wednesday, marking its biggest single-day increase since August 19.
US-based multinational banking group Citi has forecast that gold prices could reach $4,500 per ounce in the international market within the next one to three months.
The bank's projection is based partly on expectations that the Strait of Hormuz will reopen by the end of the year and tensions in the Yemen-Saudi conflict will ease.
Despite the rise in gold prices, silver rates in the domestic market remain unchanged.
The price of 22-carat silver stands at Tk 3,499 per bhori, including VAT. Meanwhile, 21-carat silver costs Tk 3,383, 18-carat Tk 2,916 and traditional-method silver Tk 2,216 per bhori.
