The gold market in Bangladesh witnessed another price reduction on Wednesday (November 12). As per the new price list announced by the country's apex jewellery trade body, Bangladesh Jewellers Association (BAJUS), the price for 21-carat gold per bhori (11.664 grams) has been fixed at a revised rate. Sources indicate that the current price is slightly lower compared to the previous adjustment.

New Rates and Market Scenario

According to the BAJUS announcement, the prices for other carats (such as 22-carat and 18-carat) have also been adjusted alongside 21-carat, effective from Wednesday. While the official circular specifies the rates for the highest and lowest carats, market sources suggest the adjustment was made based on international market trends and local demand.

Reasons Behind the Price Cut

Analysts attribute the decline to fluctuations in international gold prices and a slight dip in domestic demand. Typically, a fall in spot gold prices globally impacts the local market. Additionally, traders believe the adjustment aims to keep the market stable ahead of the upcoming wedding season, even as new orders begin to arrive.

Reaction from Buyers and Sellers

Visits to several jewellery showrooms in the capital revealed a sense of relief among buyers following the price cut. However, sellers noted that sales have not yet picked up as expected despite the reduction. "The price drop has increased customer interest, but large-scale purchases remain limited," said the manager of a showroom.

Next Steps

BAJUS sources indicated that further adjustments may be made in the coming days depending on international market conditions. The organisation stated it will continue to set prices regularly to ensure market stability for both buyers and sellers. The official circular details the effective date and specific rates for each carat.