Jumbangla Desk: The price of gold is increasing two to three times every month. Sales have also declined due to frequent price hikes. Bajus leaders, the apex organization of gold traders, said that due to the increase in the price of pure gold, they are being forced to increase the price of gold ornaments.

Gold

It is known that in January of this year, the price of a 22 carat gold bar was 1 lakh 12 thousand taka. Which stood at 1 lakh 43 thousand 526 taka at the end of October. In other words, the price of gold has increased by 31,500 taka per month in 10 months. Last year it increased by 17 thousand 613 taka. That is, the price of the metal is increasing at a double rate every month over the course of a year.

As the market turns, the higher the price of precious gold, the less its decorative use.

When the demand decreases, where the general theory of the economy should reduce the price, why the opposite picture in the gold market? I want to know from Bajus, the top organization of gold traders.

Bajus Standing Committee on Pricing Chairman Masudur Rahman said that the country's gold market is highly dependent on the Tantibazar market. The way other commodities adjust their prices every two to three months, gold does not have that opportunity. That is the main point. So we are bound to follow that procedure, be it immediately or after two or three days.

The picture of the world market says that the spot market has broken all records on November 1, meaning that the price of about two and a half ounces per ounce has stopped at 2 thousand 754 dollars.

Economist behind it. Abdur Razzak blamed the global instability and said that the world economy is unstable due to the rivalry between China and the United States. The tendency of the United States to take debt has also increased a lot. As a result, the price of gold will not decrease if the volatility does not decrease.

To see why the price of pure gold or acidic gold is increasing, meet the poddars in Tantibazar of the capital. When asked to know, they say that if the price of gold increases per ounce, the weaving market also increases. And as the gold business is centered in the textile market, it affects the entire country.

I would like to calculate with him, what is the relationship between Bangladesh and the global gold market in terms of import and bags rules?

The annual demand of gold in the country's market is 20-40 tons. A large part of this demand is met by buying and selling old ornaments. According to importers, no gold was imported this year.

According to the customs account, more than 31 tons of gold has arrived in the country under baggage rules in 2023. Gold worth Tk 101 crore 89 lakh was seized while using Bangladesh as a smuggling route. So where is the demand for gold going?

However, the poddars of Tantibazar say that they sell gold only to their appointed dealers. Not related to smuggling.