• Financial

Volatility in the price of gold again

  • Financial
  • 27 March, 2023 01:00:16

Photo: Collected

News Desk: There has been a lot of volatility in the price of gold in the international and domestic markets throughout the last week. In the last five working days of the last week, the price of gold has fluctuated greatly in the international market. In view of this, the price of gold has been increased or decreased for three consecutive days in the country's market. Before this, there was never an incident of gold price adjustment for three consecutive days in the country's market.

The price of gold per ounce was 1 thousand 988.08 dollars before the start of trading in international markets last week. From there, the price of gold fell to $1,968.50 per ounce shortly after the opening of trading on the first working day of the week on March 20. That is, the price of gold per ounce decreased by 20 dollars.

However, after the fall in the price, there was a big rise in the price of gold that day. The price rose by leaps and bounds and at one stage of trading on March 20, the price of gold rose to 2 thousand 7.78 dollars per ounce. However, at the end of the day's trading, the price of gold decreased slightly. Still, the price of gold per ounce remains above 1 thousand 977 dollars.

Gold prices rose to $1,984 per ounce at the start of trading on the second working day of the week. After that, the price gradually decreased to 1 thousand 937 dollars per ounce. That is, the price of gold per ounce decreased by 47 dollars in one day.

Such volatility can be seen in the price of gold on the next working day on March 22 as well. At the beginning of trading on March 22, the price of gold per ounce was 1 thousand 936 dollars. At the end of the transaction, the price of gold rose to 1 thousand 945 dollars per ounce.

The next business day on March 23 saw a big rally in gold prices. The price of gold rose to 1 thousand 973 dollars per ounce. At the end of the day's trading, the price of gold increased, and it got more wind. As a result, at one point the price of gold per ounce became 1 thousand 999 dollars.

And on the last working day of the week on March 24, the price of gold exceeded $2,000 per ounce. However, this trend of increasing prices did not continue towards the end of the day's trading. Rather, in the end, the price of gold gradually fell. At the end of the day's trading, the price of gold per ounce settled at 1 thousand 978.57 dollars.

Through this, on the last working day of the week, the price of gold per ounce decreased by 14.93 dollars or 75.75 percent. And during the week it decreased by 9.51 dollars or 47 percent. However, the price of gold is still 8.87 percent higher in the month. That is, compared to a month ago, the price of one ounce of gold is now 161 dollars more.

Bangladesh Jewelers Association (BAJUS) has become unstable in the domestic market due to such instability in gold prices in the international market. Bajus adjusted the price of gold by announcing three consecutive days on March 21, 22 and 23. In this two days the price of gold is reduced and one day it is increased. However, before that, the price of gold was increased by a record amount by announcing on March 18.

On March 18, the price of the best quality gold was increased by Tk 7,698. In this, the price of good quality gold is 98 thousand 794 taka. Gold has never been so expensive in the country's market. This price of gold is effective from March 19.

After raising the record price, the best quality or 22 carat (11.664 grams) gold price was reduced by Tk 1,166 to Tk 97,628 on March 21. It was further reduced the next day on March 22. The price of one bar of best quality gold was reduced by 1 thousand 167 taka to 96 thousand 461 taka.

However, on March 23, Bajus announced to increase the price of gold again. The new price was fixed by increasing the price of the best quality gold by 1 thousand 167 taka. In this, the price of good quality gold is 97 thousand 628 taka.

Besides, the price of gold per 21 carat has been increased by Tk 1088 to Tk 93 thousand 195, the price of gold per 18 carat has been increased by Tk 991 to Tk 79 thousand 898 and the price of conventional gold has been increased by Tk 758 to Tk 66 thousand 543. Currently, gold is being sold at this price in the country's market.

 

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