DHAKA, Oct. 9 (Xinhua) -- The price of 22-carat gold jewellery in Bangladesh hit a historic peak, and the formal announcement from the Bangladesh Jewellers' Association (BAJUS) on Wednesday established the new rate of 17,335 taka per gram for 22-carat.
BAJUS has also set the revised prices for other variants at 16,547 taka per gram for 21-carat and 14,183 taka per gram for 18-carat gold.
On top of the bullion prices, a five percent government VAT (value added tax) and a making charge of at least six percent will be added.
The association in a press release clarified that this making charge is not fixed and may vary depending on the jewellery's design and quality.
Bangladesh has experienced a consistent appreciation in gold prices over recent years, with prices setting new records almost weekly.
Traders point to the volatile international bullion market, the devaluation of the taka, high inflation, and general economic uncertainty as the primary drivers.
The country's annual gold demand is estimated at 20 to 40 tonnes.
In Bangladesh and across much of Asia, brides traditionally adorn themselves with gold jewelry, a cherished symbol of wealth, prosperity, and financial security.
However, the soaring price of gold is now reshaping this age-old custom in the impoverished South Asian nation.
Traders in Dhaka have reported that gold jewellery sales have halved due mainly to soaring prices in recent months. (1 U.S. dollar equals 122 taka) Enditem
京公网安备 11010802027341号