Gold to hit close to Tk 130,000 per bhori for first time

Gold prices are set to hit around Tk 130,000 per bhori (11.664 grammes) tomorrow as the Bangladesh Jewellers’ Association (Bajus) hiked the rates citing an increase in the cost of pure gold.
The price of gold, a popular metal among people from all walks of life, will increase by 2.8 percent from the previous rate of Tk 126,321 a bhori, which has been effective since September 2.
Today, the Bajus advised its members to sell gold at Tk 11,137 per gramme from Sunday, up from Tk 10,830 per bhori.
The price of the precious metal is set to break the previous record of Tk 127,942 a bhori, announced on August 25, this year.
Bangladesh’s estimated annual demand for gold currently stands between 20 and 40 tonnes. Around 80 percent of the demand is met by smuggled gold, according to industry people.