Gold prices rise after four consecutive drops in a week

Gold prices bounced back today after falling for the fourth straight time in the local market within a week.

In a press release, the Bangladesh Jewellers Association (Bajus) said the price of gold will rise to Tk 202,708 per bhori (11.664 grammes) from tomorrow.

The new rate is Tk 8,898, or 1.72 percent, higher than the existing price of Tk 193,809 set on Tuesday. Bajus attributed the latest hike to an increase in the price of pure gold in the local market.

This is the fifth time since October 22 that the association has revised the prices of the precious metal, which reflects high volatility influenced by the international market.

On October 22, the price of gold peaked at Tk 208,995 per bhori. Since then, prices had dropped Tk 15,186 per bhori.