Gold price plunge again

Gold prices fell sharply in the world market last week. With this, the price of gold fell for two consecutive weeks. The price of gold has gone to the lowest level in eight months. Besides gold, silver has also fallen over the past week. Besides gold and silver, another precious metal, platinum, has fallen sharply. In the last one week, the price of gold has decreased by 2.79 percent. The price of silver has decreased by 2.1 percent. On the other hand, the price of platinum has decreased by 7.60 percent.

Gold prices have been falling for several weeks now as the outbreak of the coronavirus epidemic has subsided. The Bangladesh Jewelers' Association (BAJUS) has reduced the price of gold in the country's market since January 13 as the price of gold in the world market is declining. According to the decision of the executive committee meeting of BAJUS held on January 12, the price of good quality, 22 carat bhari (11.64 grams) of gold has been reduced by Tk 1,963 to Tk 72,006 from January 13. Besides, 21 carat gold is being sold at Tk 69,518, 18 carat gold at Tk 80,069 and traditional gold is being sold at Tk 50,446.

Although the price of gold has come down, the pre-determined price of silver has remained the same. According to the category, 22 carat heavy silver is being sold at 1,517 rupees. The price of 21 carat silver is 1,435 rupees, 18 carat silver is 1,225 rupees and the price of traditional method silver is 933 rupees.

After reducing the price of gold in Bangladesh, the price in the world market has decreased several times. Gold fell 35.49 an ounce on the last working day of last week. As a result, the price of gold per ounce fell by 2.6 percent to 1,634.39. In the previous week, the price of gold fell by 2.14 percent. Gold prices are now at their lowest level in eight months of this two-week fall.

Earlier, the price of gold had dropped by 7.20 percent in November. In February, the price of gold lotus 5.94 percent, which is the second highest month after November.

On the other hand, on the last working day of the week, the price of silver in the world market has decreased by 2.4 percent. The price of silver per ounce stands at 26.6 dollars. Even after this fall, the price of silver in the world market has increased by 5.74 percent in a month.

Meanwhile, platinum, another precious metal, fell sharply last week with gold and silver falling. On the last working day of the week, the price of platinum per ounce decreased by  26.56 to  1,17.70. As a result of this fall, the price of platinum has decreased by 7.60 percent in a week. However, the price of this precious metal has increased by 11.56 percent in a month.