Gold becomes dearer on global surge

DHAKA, Aug 11 (BSS)- Prices of gold ornaments hit a new high today as Bangladesh Jewellers Samity (BJS) has re-fixed the prices of the precious metal for the second time in a week.

The BJS re-fixed the prices of 18-carat at Tk 45, 489, 21-carat at Tk 51,438 and 22-carat at Tk 53,829 per bhori today.

On August 4, the Samity fixed the prices of gold (per bhori) at Tk 44,031 for 18 carat, Tk 49,747 for 21 carat and Tk 52,079 for 22 carat.

"We've adjusted the price of gold today in line with the surging prices in the international market," said BJS General Secretary Dr. Dewan Aminul Islam Shahin.

In the international market the price of bullion registered a record high of $1,788 per ounce today with a rise of around four percent over the week, according to Bloomberg.

"Our local price of gold ornaments depends on the international market which is very volatile over the last few years," Shahin added.

He said the BJS revised the gold price 13 times this year and the price has increased over cent percent in the last two years. Gold price has also doubled in the international market since 2009.

If price of gold is not adjusted, there is a high possibility of smuggling to neighboring countries, the BJS said.

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