Gold Price in Bangladesh has been making headlines as it continues to reach new record highs. Recently, the Bangladesh Jewellers Association (Bajus) announced a new rate. This latest hike has once again brought the spotlight on the soaring gold prices in bangladesh. In this article, we will delve into the factors driving the gold price in Bangladesh, its impact on the economy, and the challenges faced by the jewellery industry.
Factors Influencing Gold Price in Bangladesh
International Market Fluctuations
Despite being a relatively small importer of gold, Bangladesh’s gold prices are intrinsically linked to international market fluctuations. Global economic conditions, geopolitical tensions, and investor sentiment all play a significant role in determining the global demand and supply of gold, which ultimately affects the domestic prices.
Domestic Market Volatility
Beyond international factors, domestic market volatility also contributes to the fluctuating gold prices in Bangladesh. Local demand, supply chain disruptions, and currency exchange rates can create imbalances that drive prices up or down.
Smuggling and Illegal Trade
A striking fact about Bangladesh’s gold market is that around 80% of the country’s demand for gold is met through smuggling. This illegal trade not only distorts the official import figures but also creates an environment of uncertainty, potentially contributing to price volatility.
Today Gold Prices in Bangladesh
| Product Description | Price |
|---|---|
| 22 KARAT Gold CADMIUM (HALLMARKED GOLD) | 9,790 BDT/GRAM |
| 21 KARAT Gold CADMIUM (HALLMARKED GOLD) | 9,345 BDT/GRAM |
| 18 KARAT Gold CADMIUM (HALLMARKED GOLD) | 8,010 BDT/GRAM |
| TRADITIONAL Gold | 6,448 BDT/GRAM |
What is the price of 22 carat gold?
If you want to buy gold in the case of buying gold, currently in Bangladesh, today’s gold rate? How much is the price of gold today? Or you need to know the information related to today’s gold price in Bangladesh.
| Amount of Gold | Bangladeshi Taka |
|---|---|
| 1 gram | 9,790 BDT |
| 1 filling | 1,12,869 BDT |
| 1 Anna | 6,970 BDT |
| 1 night | 1,162 BDT |
| 1 Tola | 1,12,869 BDT |
| 10 grams | 96,800 BDT |
| 1 kg | 9,68,000 BDT |
What is the price of 21 carat gold?
Also, if you want to buy 21 carat gold, then you have to spend the amount of money to buy this 21 carat gold, or you can know the update about today’s gold rate or today’s gold price in Bangladesh from below .
| Amount of Gold | Bangladeshi Taka |
|---|---|
| 1 gram | 9,345 BDT |
| 1 filling | 1,07,738 BDT |
| 1 Anna | 6,653 BDT |
| 1 night | 1,109 BDT |
| 1 Tola | 1,07,738 BDT |
| 10 grams | 92,400 BDT |
| 1 kg | 9,24,000 BDT |
The information given above is an estimate of how much you will have to spend to buy 21 carat gold.
What is the price of 18 carat gold?
Also, if you want to buy 18 carat gold, then the price per load or the amount to be paid for buying gold in other ways is given below.
| Amount of Gold | Bangladeshi Taka |
|---|---|
| 1 gram | 8,010 BDT |
| 1 filling | 92,347 BDT |
| 1 Anna | 5,702 BDT |
| 1 night | 950 BDT |
| 1 Tola | 92,347 BDT |
| 10 grams | 79,200 BDT |
| 1 kg | 7,92,000 BDT |
The information given above is a measure of how much you will spend on purchasing 18 carat gold.
Today’s gold rate in the traditional way
Also, if you want to know all the information related to today’s gold price in the traditional way, then you can collect the related information from below and from here you can know today’s gold price in Bangladesh.
| Amount of Gold | Bangladeshi Taka |
|---|---|
| 1 gram | 6,448 BDT |
| 1 filling | 76,956 BDT |
| 1 Anna | 4,752 BDT |
| 1 night | 792 BDT |
| 1 Tola | 76,956 BDT |
| 10 grams | 66,000 BDT |
| 1 kg | 6,60,000 BDT |
The information given above is a measure of how much you would have to spend to buy gold the traditional way.
Impact on the Economy and Consumers
Foreign Currency Reserves
The Bangladesh Bank’s decision to mandate a 100% margin on letters of credit for gold imports was aimed at discouraging imports and saving foreign currency reserves. However, this measure has had a ripple effect on the domestic market, potentially driving more consumers towards the illegal trade channels.
Jewellery Industry
The jewellery industry in Bangladesh is facing significant challenges due to the soaring gold prices. Consumers are becoming increasingly cautious about their purchases, impacting the sales and profitability of jewellers. Many jewellers have had to adapt their business strategies, offering more lightweight and cost-effective designs to cater to the changing consumer preferences.
Consumer Sentiment
For many Bangladeshis, gold is not just a precious commodity but also a cultural symbol and a traditional investment. The rising prices have made it increasingly difficult for the average consumer to afford gold, potentially leading to a shift in consumer sentiment and purchasing habits.
Frequently Asked Questions on Gold Prices in Bangladesh
Why are gold prices in Bangladesh increasing?
The gold prices in Bangladesh are primarily influenced by international market fluctuations and domestic market volatility. Factors such as global economic conditions, geopolitical tensions, local demand and supply imbalances, currency exchange rates, and the prevalence of smuggling and illegal trade contribute to the rising prices.
How is the Bangladesh Bank addressing the issue of gold imports?
In August 2021, the Bangladesh Bank made it mandatory to keep a 100% margin on letters of credit for gold imports. This measure aimed to discourage imports and save foreign currency reserves. However, it has also impacted the domestic market dynamics.
What challenges is the jewellery industry facing due to high gold prices?
The jewellery industry in Bangladesh is grappling with declining sales and profitability as consumers become more cautious about their gold purchases. Jewellers have had to adapt their business strategies, offering more lightweight and cost-effective designs to cater to changing consumer preferences.
What steps can be taken to address the issue of smuggling and illegal gold trade?
To curb smuggling and illegal gold trade, the government can strengthen import regulations, increase vigilance at border checkpoints, streamline the legal import process, reduce import duties, and conduct consumer awareness campaigns to promote responsible purchasing practices.
What alternative options do consumers have in the face of rising gold prices?
Consumers can explore alternative options such as lightweight jewellery designs, jewellery featuring alternative materials like silver or platinum, or consider investing in other assets like stocks, bonds, or real estate.
The gold price in Bangladesh is a complex issue influenced by various global and local factors. Addressing the challenges posed by smuggling, illegal trade, and market volatility will require a concerted effort from the government, industry stakeholders, and consumers. By implementing effective regulatory measures, promoting legal trade, and fostering consumer awareness, Bangladesh can work towards stabilizing its gold market and ensuring a more sustainable and responsible trade environment.