Gold prices hit record high in Bangladesh as global market soars

Gold prices have reached a new historical high in the global market, breaking all previous records. 

For the first time, the price of one ounce of gold has surpassed $2,711.19. 

This surge indicates that domestic prices for this precious metal may also rise, potentially setting new records in the coming days.

As of noon on Friday, October 18, gold was trading at $2,711.19 in the spot market, reflecting an increase of $18.10, or 0.67%, per ounce within a single day.

According to Reuters, several factors have contributed to the rising price of gold in the global market, including the upcoming U.S. elections, a reduction in interest rates by the Federal Reserve, and escalating tensions in the Middle East.

The Bangladesh Jewelers Association (BAJUS) determines the gold prices in the domestic market. According to the latest price set by the organization, the price of one bhori (11.664 grams) of the highest quality 22-carat gold is now set at BDT 137,453.

This is currently the highest gold price in the country. 

The price for 21-carat gold is BDT 131,197 per bhori, while 18-carat gold is priced at BDT 112,453. The traditional gold standard is set at BDT 92,286 per bhori.

The BAJUS Standing Committee on Pricing and Price Monitoring is responsible for deciding on any changes in gold prices. 

A committee member stated, "Given the rate at which gold prices are increasing in the global market, we will have to raise prices in the domestic market. There is no alternative."

"Our decisions on raising or lowering gold prices are based on both the international market and local market conditions. If the price of pure gold increases in the local market, it is only natural that we will decide to raise prices. Conversely, if the price of pure gold decreases, we will opt to lower the prices. The global price trends significantly influence the prices of pure gold in the local market.," he concluded.