Gold prices in Bangladesh have climbed to an unprecedented level, touching Tk 209,101 per bhori (around 11.664 grams), surpassing the record that was set just the previous day.

The new rates, effective from Thursday, were announced by the Bangladesh Jewellers Association (BAJUS) on Wednesday. Under the revised pricing, 22-carat gold rose by Tk 6,905 per bhori. The price of 21-carat gold has been set at Tk 199,594 per bhori, 18-carat at Tk 171,088, and traditional gold at Tk 142,301.

Over the past weeks, gold prices have consistently been on the rise, with new records being set almost every week. In September alone, the price of 22-carat gold increased by more than Tk 16,000 per bhori.

Globally, the trend is similar. On Wednesday, the price of gold exceeded $4,000 per ounce for the first time. As reported by Reuters, spot gold gained 0.9% to $4,017.16 per ounce at 04:42 GMT, while US gold futures for December delivery advanced 0.9% to $4,040 per ounce.

The rally has been fueled by global economic uncertainty, geopolitical tensions, and expectations of a potential interest rate cut by the US Federal Reserve, encouraging investors to move towards gold as a safe asset.

Explaining the frequent revisions, Masudur Rahman, chairman of BAJUS’s Price Fixing and Monitoring Committee, told The Financial Express, “Whenever global gold prices change, we have to adjust accordingly in the local market.”

He further noted that although Bangladesh depends largely on recycled domestic gold rather than imports, the local market still mirrors international movements. “Gold is a globally significant commodity, and if we don’t align with international prices, it may encourage smuggling to nearby countries where rates are higher,” Rahman said.

Industry sources also indicate that local gold sales have dropped due to the continuous price hikes. Many buyers are holding off on purchases amid the ongoing economic challenges and rising costs.