Gold prices in the domestic market fluctuated sharply within a single day, with rates first reduced on Saturday morning before being raised again in the evening, as the price of 22-carat gold increased by Tk4,082 per bhori of 22-carat gold at Tk259,699.

The new rates will come into effect from Sunday.

The Bangladesh Jewellers Association (Bajus) announced the price hike in a statement issued on Saturday night. Earlier the same day, Bajus had decided to reduce gold prices by up to Tk15,746 per bhori. As a result, throughout the day, one bhori of 22-carat gold was sold at Tk255,617.

The previous day, Friday, gold prices had fallen by Tk14,638 per bhori. However, before that, on Thursday, prices were increased by up to Tk16,213 per bhori, pushing the price of one bhori of premium-quality gold to Tk286,000, the highest level in the country’s history.

According to Bajus, the latest revision was made as the price of acid-treated or refined gold rose in the local market during the evening.

Under the new rates, the price of 21-carat gold has increased by Tk3,907 per bhori to Tk247,918, while 18-carat gold has gone up by Tk3,382 to Tk212,518 per bhori. The price of traditional-method gold has risen by Tk2,041 to Tk173,910 per bhori.

Meanwhile, silver prices have remained unchanged in this round despite the increase in gold prices. Although silver prices were reduced earlier in the morning, no further adjustment was made. As a result, 22-carat silver is being sold at Tk7,290 per bhori, 21-carat at Tk6,940, 18-carat at Tk5,949 and traditional-method silver at Tk4,432 per bhori. These rates will remain effective on Sunday as well.

Following the Covid-19 pandemic, gold prices have risen rapidly in both domestic and international markets over the past five years. In the local market, the price of gold crossed Tk100,000 per bhori for the first time on July 21, 2023. It subsequently crossed the Tk150,000 mark in February last year and Tk200,000 in October. Last week, gold prices also surpassed the Tk250,000 threshold.