Gold is an asset that holds immense value and significance, and in Bangladesh, it is highly sought after. As the price of gold fluctuates, it becomes crucial for individuals to stay updated on the current gold prices.
This article provides insights into the gold prices in Bangladesh in 2023, highlighting the impact of these fluctuations on people’s lives.
Factors Affecting Gold Prices
The gold market experienced significant fluctuations in 2023 due to the global pandemic. Initially, the price of gold was lower, but it witnessed a sudden increase.
Gold is available in different carats, and currently, the price of one vori (a commonly used unit in Bangladesh) of gold ranges from 70,000 to 98,000 taka, depending on the carat.
Gold Price in Bangladesh Today
The gold price in Bangladesh is highly volatile, and it currently stands at a high level. As of today, the price of 1 gram of gold is 8,500 taka, while 1 ounce is valued at 218,479.22 taka. Additionally, 1 kilogram of gold is priced at 4,927,748.14 Taka. It is essential to note that the prices vary based on the carat of gold.
Carat Measurement and Prices
Different carats denote varying levels of gold purity. In Bangladesh, gold is measured in “Vori.” Here is a quick overview of gold prices based on carat measurements:
|Carat||Gold Purity (%)||Price (BDT/GRAM)|
Gold Vori Price in Bangladesh
In Bangladesh, the commonly used measurement unit for gold is the “Vori.” Currently, the price of 1 Vori of gold is as follows:
|22 CARAT GOLD||8,500|
|21 CARAT GOLD||8,115|
|18 CARAT GOLD||6,955|
|22 CARAT SILVER||147|
|21 CARAT SILVER||140|
|18 CARAT SILVER||120|
|TRADITIONAL METHOD SILVER PER GRAM||90|
21k Gold Price in Bangladesh Today
The current price of 21k gold in Bangladesh is 94,539.00 taka. The Bangladesh Jewelers Association has reduced the price of gold by Tk 1,017 due to the impact of the coronavirus. The new price will be effective from Thursday. Good quality 22-carat gold is priced at 88,307 Taka.
Gold Purchase Guide in Bangladesh Today
When purchasing gold, there are a few essential factors to consider:
- Purity: 24kt gold is the purest form, while other carats have lower purity levels. The higher the purity, the higher the price.
- Price: Timing your gold purchase is
Gold Price in Bangladesh Today (May 2023)
|Carat||Price per Gram (BDT)|
|Traditional Method Silver per Gram||90 BDT|
Gold holds immense significance in Bangladesh, with its price having a profound impact on people’s lives. The global lockdown caused by the pandemic initially led to a decrease in gold prices, but they have since surged.
This article provides an overview of the current gold prices in Bangladesh in 2023 and sheds light on the implications of these changes.
Fluctuating Gold Prices
Gold prices in Bangladesh exhibit frequent fluctuations. Presently, the price of 1 gram of gold is 8,500 BDT, while 1 ounce is priced at 218,479.22 BDT. For those who prefer measuring gold in “Vori” (a common unit of measurement in Bangladesh), the price of 1 Vori of gold varies based on the carat.
Here is a breakdown of the gold prices by carat:
- 24K = 100% pure gold
- 22K = 91.7% gold
- 18K = 75.0% gold
- 14K = 58.3% gold
- 12K = 50.0% gold
- 10K = 41.7% gold
Gold Vori Price in Bangladesh
In Bangladesh, gold is often measured in Vori to facilitate transactions and avoid confusion. Currently, the price of 1 Vori of gold in Bangladesh is as follows:
|Gold Type||Price per Vori (BDT)|
|22 Carat Gold||99,025.5|
|21 Carat Gold||94,539.00|
|18 Carat Gold||81,025.75|
Gold Purchase Guide in Bangladesh Today
Before purchasing gold, it is essential to consider a few factors. These factors will help you make an informed decision and ensure that you obtain the best deal:
- Purity: Gold purity is denoted by its karat value. 24K gold is the purest form, with a purity of 99.9%. Other karat values, such as 22K, 18K, and 14K, contain a lower percentage of gold and are less expensive.
- Price: The gold rate is crucial when making a purchase. Monitoring the market and buying gold when prices are lower can lead to significant savings.
- Weight: Weighing the gold item before purchasing is essential to ensure that you receive the correct amount. Use a reliable scale to verify the weight.
- Hallmarked Gold: It is advisable to buy gold from trusted sources, preferably hallmarked gold. Hallmarked gold guarantees quality and purity, providing peace of mind to buyers.
Factors Influencing Gold Price in Bangladesh
Several factors contribute to fluctuations in gold prices in Bangladesh:
- Demand and Supply: The interplay between demand and supply affects gold prices. When demand drops, prices tend to decrease, and vice versa.
- Global Economic Conditions: Economic crises, geopolitical events, and changes in currency values can influence gold prices.
- Inflation and Currency Depreciation: When inflation rises or the value of the local currency depreciates, investors often turn to gold as a safe-haven asset, driving up its price.
- Interest Rates: Interest rates set by central banks can impact gold prices. Lower interest rates make gold more attractive as an investment since it offers a hedge against inflation and lower opportunity costs compared to other investments.
- Jewelry and Industrial Demand: The demand for gold in the jewelry industry, as well as in various industrial applications such as electronics, dentistry, and aerospace, can influence its price.
- Speculation and Investor Sentiment: Speculative trading and investor sentiment can lead to short-term fluctuations in gold prices. Market speculation, particularly by large institutional investors, can create volatility.
Impact of Gold Price Changes
Fluctuations in gold prices can have both positive and negative effects on different sectors and individuals:
- Jewelry Industry: The jewelry industry is directly affected by gold price changes. Higher gold prices may lead to a decrease in jewelry purchases as consumers opt for more affordable alternatives.
- Investors: Investors who hold gold as part of their portfolio may experience gains or losses depending on the direction of price movements. Gold is often seen as a hedge against inflation and economic uncertainty, attracting investors during periods of instability.
- Import and Export: Gold price fluctuations impact import and export activities related to gold. Higher gold prices can increase the cost of importing gold, while lower prices can create opportunities for exporters.
- Consumer Purchasing Power: Gold prices can indirectly impact consumer purchasing power. In times of high gold prices, consumers may reduce discretionary spending on luxury items, including gold jewelry.
- Mining Industry: The mining industry is influenced by gold price changes. Higher prices can incentivize increased gold production and exploration activities, while lower prices may lead to cutbacks and reduced profitability.
The current gold prices in Bangladesh have experienced fluctuations in recent times, influenced by global economic conditions, inflation, currency depreciation, and investor sentiment. Buyers should consider factors such as purity, price, weight, and the source of gold before making a purchase.
Various sectors, including jewelry, investments, and import/export, are impacted by changes in gold prices. Monitoring these factors can help individuals and businesses navigate the market and make informed decisions regarding gold purchases and investments.