For the second consecutive day, gold prices in the country have dropped. On Saturday morning, the price of gold fell by 15,746 Taka per bhori, marking the largest single-day decline.

The Bangladesh Jewellers’ Association announced the price reduction this morning. As a result, the price of high-quality 22-carat gold is now 255,617 Taka per bhori.

On Friday, gold prices had already decreased by 14,638 Taka per bhori, bringing the total two-day decline to 30,384 Taka.

Prior to these reductions, last Thursday saw the price of gold surge by 16,213 Taka per bhori, pushing 22-carat gold to a record high of 286,000 Taka per bhori—the highest in the country’s history.

Over the past five years, both domestic and international gold prices have risen rapidly, particularly after the COVID-19 pandemic. In the local market, gold reached 100,000 Taka per bhori on July 21, 2023. It hit 150,000 Taka in February last year and 200,000 Taka in October. Last week, the price crossed the 250,000 Taka mark.

Following today’s reduction, the prices of 21-carat and 18-carat gold have fallen by 14,988 Taka and 12,888 Taka per bhori, respectively. This brings the 21-carat gold price to 244,011 Taka per bhori and 18-carat gold to 209,136 Taka. Under the traditional measurement system, gold has dropped by 10,964 Taka, now priced at 171,869 Taka per bhori.

The Jewellers’ Association explained that the decrease is linked to lower local rates for refined gold, but the main factor is the global decline in gold prices.

Silver prices have also fallen today. The prices of 22-carat and 21-carat silver dropped by 467 Taka per bhori, making them 7,290 Taka and 6,940 Taka per bhori, respectively. The 18-carat silver rate fell by 408 Taka to 5,949 Taka per bhori, while silver measured under the traditional system dropped by 350 Taka to 4,432 Taka per bhori.

Price fluctuations have been frequent over the past week. Between last Sunday and this Saturday morning, gold prices moved six times—four increases and two decreases. On January 25, Sunday, 22-carat gold rose by 1,500 Taka to 257,191 Taka per bhori. Subsequent rises included 5,249 Taka on Monday night, 7,348 Taka on Wednesday morning, and 16,213 Taka on Thursday morning.

Friday saw a drop of 14,638 Taka per bhori, followed by today’s 15,746 Taka reduction. This brings the price of 22-carat gold back to 255,617 Taka per bhori, essentially returning it to the level before last Sunday’s surge.

After an eventful week of sharp rises and falls, gold prices have now stabilized at their previous levels.