The price of gold has increased one day after the announcement of the proposed budget for the 2019-20 fiscal year.
The gold trader's association, Bangladesh Jewellery Samity (Bajus), stated that the new rates will be effective from Friday, according to a press release issued on Thursday (Jun 13).
Prior to this, on Jan 29, Bajus increased the price of gold by a maximum rate of Tk 1,166 per bhori (1 bhori=11.664 gram).
Therefore, the price of 22-carat gold per gram was set at Tk 4,400 from Friday (Jun 14), which means the price of 22-carat gold per bhori will cost Tk 52,321.
However, on Thursday, the price of 22-carat gold per gram was Tk 4,100; thus costing Tk 50,155 per bhori.
Bajus General Secretary Dilip Kumar Agarwal said the price of gold has spiraled as gold rates on the international market have increased – significantly impacting the country's market.
According to the latest gold price, rates of 22-, 21-, and 18-carat gold have escalated by a rate of approximately Tk 1,666 per bhori each. However, the rates of traditional method and silver per gram have remained unchanged.
However, the price of 23-carat platinum has been set at Tk 64,152 per bhori.
Although the gold price has been increased by Bajus, the government has proposed to reduce the specific duty on the import of gold; to facilitate the situation for travelers bringing in gold bars, and jewelry through appropriate channels.
According to the budget speech for the 2019-20 fiscal year, a passenger will be able to bring 11.664 gm—one Bhori, or tola—of gold; after paying duty charges proposed at Tk 2,000 from existing Tk 3,000 for both unwrought, and semi-manufactured gold.
Additionally, to import gold bars—up to 234gm—the proposed budget reads that the price should drop from Tk 3,000 to Tk 2,000.
