Gold prices hit new peak in Bangladesh

The price of 22-carat gold in Bangladesh has hit a record high of 269,788.32 taka (2,219 U.S. dollars) per bhori, a traditional unit of weight equal to 11.664 grams, reported 24NewsHD TV Channel.

Bangladesh Jewellers Association announced today that the gold price has risen by 7,348 taka for each bhori. Under the new pricing structure, the per-gram rate for 22-carat gold has been fixed at 23,130 taka.

Bangladesh Jewellers Association has also set the revised prices for other variants at 22,075 taka per gram for 21-carat and 18,925 taka per gram for 18-carat gold. On top of the bullion prices, according to a Bangladesh Jewellers Association statement, a 5 percent government VAT (value-added tax) will be added.

Bangladesh has experienced a consistent appreciation in gold prices over recent years, with prices setting new records almost weekly. In Bangladesh and across much of Asia, brides traditionally adorn themselves with gold jewelry, a cherished symbol of wealth, prosperity, and financial security. However, the soaring price of gold is now reshaping this age-old custom in the impoverished South Asian nation.

Reporter: Salim Reza