Gold prices globally reached a record high last week amid concerns about a resurgence in the coronavirus and the impact that could have on the global economy.
Gold hit US$2053 per ounce on July 27, beating its previous record of $1,921 recorded in 2011. The gain in price surge is about 27 percent so far this year.
As an impact of such sudden surge in gold prices globally the price of 22 carat gold in Bangladesh stood at around Taka 77,000 per bhori or (11.664 grams). Local traders hinted that gold prices could further rise again very shortly.
Meanwhile, market analysts believe that as a result of the price hike, the lower and middle classes of the society will lose the ability to buy jewelry ornaments.
Goldman Sachs, a US multinational investment bank, has also hinted that gold prices could rise further in the coming days.
International market analysts whispered that many are stockpiling gold mainly because of the economic onslaught caused by the coronavirus, the dollar and the fall of fuel prices due to the US- China trade war.
On Tuesday, international market price of gold per ounce, which has been hovering between US$ 1950 and US$ 1975, for the last few days, rose to over two thousand dollars for the first time.
Dilip Kumar Agarwal, general secretary of the Bangladesh Jewelers Association (BAJUS) said gold had never been sold at such a high price in the country before.
He said, “Price of gold is rising in quick successions in the international market. I have never seen such an unpredictable market in my life. I don't know where the price of gold will end up.”
When asked about such surge in gold prices in the international market, Golam Rahman, President of the Consumers Association of Bangladesh (CAB), said, “The lower class of people have already stopped buying gold. The middle-class families would also feel the pricey metal in the near future.”
Meanwhile, Bangladesh Jewelers Association (BAJUS) has introduced new gold prices across the country from Thursday. Earlier, in a press release on Wednesday night, it mentioned that from Thursday, each bhori or 22 carat (11.664 grams) of gold ornaments will cost Tk 77,216.
