Gold prices surge after sharp decline

Gold prices have been experiencing significant volatility in the global market, with sharp rises and falls shaping trends both internationally and domestically. 

This November alone, domestic gold prices in Bangladesh were adjusted six times, reflecting the unpredictable fluctuations in the global market.  

Last week, global gold prices rebounded after a steep decline the previous week, climbing by over $153 per ounce—equivalent to approximately Tk 18,500. Consequently, gold prices in Bangladesh were also revised upward, though the rate of increase domestically has remained moderate compared to the international market.  

Global gold price trends 

A review of global data shows that gold prices hit a record $2,789 per ounce on October 30, prompting several price hikes in Bangladesh. By November 14, however, prices fell significantly to $2,547 per ounce. The past week has seen another surge, with prices rising from $2,562.54 to $2,715.85 per ounce by week’s end—a jump of $153.31.  

Impact on domestic gold prices  

Reflecting these trends, the price of the highest quality 22-carat gold per bhori in Bangladesh was increased in two phases last week. On November 20, it rose by Tk 2,940, followed by an additional Tk 1,994 hike on November 22, bringing the total increase to Tk 4,934 for the week.  

Earlier in November, domestic gold prices were reduced by Tk 9,017 across four phases, in response to a global price drop. However, recent international market trends suggest further domestic price hikes are imminent.  

Current gold prices in Bangladesh 

As of November 22, gold prices in Bangladesh are as follows:  22-carat gold (11.664 grams): Tk 1,39,443 (increased by Tk 1,994)  , 21-carat gold: Tk 1,33,098 (increased by Tk 1,901), 18-carat gold: Tk 1,14,086 (increased by Tk 1,633), and Traditional gold: Tk 93,674 per bhori (increased by Tk 1,388)  

BAJUS commentary 

A representative of the Bangladesh Jewelers Association (BAJUS) attributed the domestic market adjustments to unpredictable global fluctuations. “The rapid changes in global gold prices have made it increasingly challenging to forecast market movements. Given the latest global trends, further domestic price increases seem likely,” the BAJUS member stated.  

Looking ahead 

The price of gold remains subject to instability driven by global economic factors. With the global market showing an uptick of $50 per ounce on the last trading day of last week, further adjustments in the domestic market are expected soon.  

Gold buyers and investors are advised to stay updated on both local and international market conditions, as price fluctuations are likely to persist.