Gold Prices Reach Historic High In Bangladesh; Dhaka Stock Exchange Rebounds

Gold prices in Bangladesh: The Bangladesh Jewellers Association announced that the price of 22-carat gold now stands at Tk 122,985 per bhori, marking the highest rate in the country’s history

Gold prices in Bangladesh have been on an upward trend, with the Tk 100,000 per bhori threshold being surpassed for the first time in July of the previous year.

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Gold prices in Bangladesh: The price of pure gold in Bangladesh has reached an unprecedented peak, following a hike of Tk 2,904 per bhori implemented on Monday. The Bangladesh Jewellers Association (Bajus) announced that the price of 22-carat gold now stands at Tk 122,985 per bhori, marking the highest rate in the country’s history, as reported by local media. One bhori is equivalent to approximately 11.6 grams.

This decision was made during a meeting of Bajus' pricing and price monitoring committee on August 18, according to a report by The Daily Star. The price hike comes just over a month after gold prices were last increased to Tk 120,080.88 per bhori on July 15.

The increase also affects 21-carat gold, with its price rising by 2.42 per cent to Tk 117,398.16 per bhori. Gold prices in Bangladesh have been on an upward trend, with the Tk 100,000 per bhori threshold being surpassed for the first time in July of the previous year.

The historic high in gold prices coincides with political turmoil in Bangladesh, following the collapse of the Sheikh Hasina government. Former Prime Minister Hasina was forced to flee the country on August 5 after her government was ousted, adding uncertainty to the nation's economic landscape.

Dhaka Stock Exchange Rebounds Amid Leadership Changes

In other developments, the Dhaka Stock Exchange (DSE) showed signs of recovery on Monday after a period of uncertainty. The market saw positive movement following the appointment of Khondoker Rashed Maqsood as the new chairman of the Bangladesh Securities and Exchange Commission (BSEC). This appointment came after economist M Masrur Reaz declined the position, causing market fluctuations.

By 11:20 AM on Monday, the DSEX, the benchmark index, had gained 33.87 points or 0.58 per cent, reaching 5,812.51, according to The Daily Star. The DSES index, which tracks Shariah-compliant companies, also saw an increase of 11.30 points or 0.91 per cent, rising to 1,251.48. Similarly, the DS30 index, representing blue-chip stocks, experienced upward movement. Market turnover rose as well, with shares worth Tk 378.46 crore being traded by midday, and 197 issues posting gains.

This market recovery occurs in the context of continued political uncertainty in Bangladesh. Two weeks after the ouster of Sheikh Hasina, an interim government led by Nobel laureate Muhammad Yunus as Chief Adviser has taken power.

The political situation remains tense, with nearly 250 fatalities reported during violent clashes across the country following the fall of the Awami League government. Many more had lost their lives since mid-July, when massive student-led protests against the Hasina administration began.