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  • OCTOBER 27, 2021
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Gold price fall down further


Gold ornaments. COURTESY

  • Commodities
  • Bangladesh News Desk
  • Published: 06 Mar 2021, 03:35 PM

Gold prices have fallen amid a sharp fall in world prices. Gold prices fell sharply in the first week of February after falling by 5.94 per cent in February. The price of this precious metal has gone to the lowest level in nine months due to such a continuous fall in prices.

In addition to gold, silver and platinum have fallen sharply over the past week. In the last one week, the price of gold in the world market has decreased by 1.6 percent. The price of silver has decreased by 5.16 percent. And the price of platinum has decreased by 4.96 percent. Officials of the Bangladesh Jewelers' Association (BAJUS) have said that if the trend of falling gold prices in the world market continues, the price of gold in the country's market may fall further soon.

In this regard, Bajus General Secretary Dilip Kumar Agarwala told Jago News that the price of gold in Bangladesh has already been reduced due to the fall in the price of gold in the world market. Despite the reduction in the price of gold in the country's market, we see that the price of gold in the world market has been declining for the last few days. If this downward trend in the world market continues, we will also reduce the price of gold.

Meanwhile, the price of gold has been falling in the world market for several weeks due to the reduction in the outbreak of the coronavirus epidemic. The Bangladesh Jewelers Association (BAJUS) has reduced the price of gold in the country's market from March 3 as the price of gold has been declining in the world market.

According to the decision of the executive committee meeting of Bajus held on March 2, the price of 22 carat gold (11.64 grams) of good quality gold has been reduced by Tk 1,516 to Tk 61,151 from March 3. Besides, 21 carat gold is being sold at Tk 8,001, 18 carat gold at Tk 59,252 and heavy gold at Tk 47,931 per traditional method. Earlier, on January 13 this year, the price of gold was reduced by Tk 1,983. As a result, the price of gold has come down by Tk 3,000 in two months.

Although the price of gold has come down, the pre-determined price of silver has remained the same. According to the category, every carat of 22 carat silver is being sold at 1,518 rupees. The price of 21 carat silver is 1,435 rupees, 18 carat silver is 1,225 rupees and the price of traditional method silver is 933 rupees.

Despite the decline in gold prices in Bangladesh, the downward trend in the world market continues. However, in the last working day of last week, the price has increased a bit. Even then, gold did not survive the big fall. Gold prices fell 2.69 percent in the week before last week and 2.14 percent in the previous week. Gold prices are at their lowest level in nine months of three consecutive weeks of decline.

Dilip Kumar Agarwala, general secretary of Bajus, told about the fall in gold prices in the world market. Investors buy gold and stockpile it. Now the economy is slowly moving. Investors have also increased investment in other sectors. My guess is that this could be a factor in the fall in gold prices.

Meanwhile, in the last working day, the price of silver in the world market has decreased by 5.18 percent last week through a decrease of 25 percent. The price of silver per ounce stands at 25.24 dollars. As a result of this fall, the price of silver in the world market has decreased by 6.36 percent in a month.

Meanwhile, platinum, another precious metal, fell sharply last week with gold and silver falling. Platinum fell 4.96 percent to 3.75 an ounce, or 33 percent, on the last working day of the week. The price of platinum per ounce stands at 1,129.75 dollars. Which was 1 thousand 18 decimal 60 dollars at the end of the previous week.


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