In Bangladesh, the gold serves to be an important asset since time immemorial, largely noted for its value steeped in its surroundings to be a showy piece. Whether one wills buying gold in Bangladesh for investment or adorn, the current gold price in Bangladesh is highly dynamic.
The paper highlights why prices of gold in Bangladesh change, tips for buying, and the importance of hallmark standards for buying gold.
Contents
Factors Affecting Gold Price in Bangladesh
The gold price in Bangladesh is dynamic and influenced by several factors. Here’s a breakdown of the key elements:
Prices in Global Market for Gold: Due to its international tradability, the prices prevailing in the global market also hold a large effect on the prices of gold within the domestic market of Bangladesh.
The fluctuation of international supply and demand will directly exert its impact domestically on the price.
Exchange Rate: Another important factor will be the value of Bangladeshi Taka (BDT) in relation to the US dollar. When the value of BDT depreciates versus the US dollar, the price of imported gold rises in terms of BDT, hence putting upward pressure on local gold price within Bangladesh.
Local Demand and Supply: There is an indigenous demand and supply of gold at times of festivals and marriages or other occasions interested to buy gold that comes under an aspect of providence. Disruption in the supply or raised costs for import reflect local availability and prices.
Government Policies: Regulatory bodies for imposition, thereby, of duties on import, excise, and other taxes in Bangladesh, which mirror in the ultimate price at which consumers can buy and resell gold.
Economic Conditions: The rate of inflation, economic stability, and investor sentiment in the country can affect the compulsion of a person for investment in gold and which may have further effect on the price of the same.
Where to Track Gold Price in Bangladesh
In the process, make sure to update gold prices at different times that may be most suited for you to come for purchase. Here is a collection of reliable sources:
Bangladesh Jewellerys Samity (BAJUS)
Official updates of BAJUS (https://www.bajus.org/gold-price), where updates about the gold price are available.
| Product | Description | Price |
|---|---|---|
| 22 KARAT Gold | CADMIUM (HALLMARKED GOLD) | 9,780 BDT/GRAM |
| 21 KARAT Gold | CADMIUM (HALLMARKED GOLD) | 9,335 BDT/GRAM |
| 18 KARAT Gold | CADMIUM (HALLMARKED GOLD) | 8,000 BDT/GRAM |
| TRADITIONAL Gold | CADMIUM (HALLMARKED) | 6,670 BDT/GRAM |
Reputable News Websites
Most of the news websites have sections with big news sources like The Daily Star and Prothom Alo.
Gold Dealers
Local jewelers usually display the current gold price in Bangladesh or readily provide it upon request.
Gold Karats and Hallmarking
Gold purity is measured in karats (K), with 24K being pure gold. In Bangladesh, the most common karats available are:
- 22K Gold: Considered ideal for jewelry due to its balance of purity and durability.
- 21K Gold: An affordable option with slightly less gold content.
- 18K Gold: Less common in Bangladesh, this has a lower gold concentration.
Hallmarking: Hallmark means an embossing certifying the purity of an article made out of gold. An article, when it passes the test, is embossed with such marks in the Bureau of Indian Standards (BIS) (which is recognized across the globe including Bangladesh). Be sure that the hallmark is on the item in order to confirm its quality as gold.
Buying Gold in Bangladesh: Tips
- Set a Budget: Determine how much you’re willing to spend before exploring options.
- Research Jewelers: Choose a reputable jeweler with a good track record.
- Compare Prices: Get quotes from different jewelers before you make a decision.
- Negotiate: Don’t hesitate to negotiate prices, especially for larger purchases.
- Check for Hallmarks: Always buy hallmarked gold to ensure purity.
- Get Documentation: Obtain a proper invoice with details of the gold’s weight, karat, price, and any applicable taxes.
Gold as an Investment in Bangladesh
Aside from its cultural value, gold can be a viable investment option in Bangladesh. Here’s why:
Hedge against Inflation: The value of Gold usually survives in place of its value under inflation; it acts as a hedge where money is likely to gain a loss of purchasing power. End of Injection.
Portfolio Diversification: One way through diversified assets, an investment in gold, the holding in gold being able to dilute the risk taken by one in the portfolio.
Long-Term Potential: Gold has historically shown potential for long-term appreciation.
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