Gold prices rose another notch in Bangladesh on Wednesday. Gold prices have changed 14 times in the country’s market since January 2020.
The Bangladesh Jewelers Association says that according to the new price, one has to pay Tk 74,750 to buy 22-carat gold from today.
The Bangladesh Jewelers Association says that according to the new price, one has to pay Tk 74,750 to buy 22-carat gold from today.
22, 21, and 18 carats — The price of these three quality gold has been increased by 1 thousand 963 rupees.
Although the price of gold has continued to rise, the rate or demand for this metal has not decreased worldwide due to the coronavirus epidemic.
Despite the decline in human income and normal investment in the epidemic, there has been uncertainty in investing in the stock market or the capital market at this time.
Experts believe that this is the reason why people’s interest in investing in gold has increased.
Gold is called ‘Safe Heaven’, which means it can be invested without the risk of big losses.
Is investing in gold profitable?
None of the world’s richest and most successful investors might at first speak of gold as the ideal investment.
But even then, over the centuries, many people have invested in gold, thinking it is safe.
Saima Haque Bidisha, a professor of economics at Dhaka University, says investing in gold is very popular among the common people in Bangladesh, both as jewelry and as a gold bar.
He said, “The main reason for this is that the confidence of the people in Bangladesh is very low due to the uncertainty in the capital market. That is why ordinary people invest in gold.
Another major reason for the subtraction of gold for ordinary investors, i.e. low-income people, is that if the price of gold goes up or down, there is no big difference. As a result, it is risk-free. “
In Bangladesh, the price of gold has changed a total of 14 times in the country’s market since January 2020.
It has risen eight times and decreased eight times, but the price has never reached an unexpected level in these ups and downs.
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Also, less educated investors think that there is no need to look at the rate of profit like a capital market or savings certificates when investing in gold.
Apart from that, gold has a practical utility when needed, which is another reason why investment in this sector is so popular.
Also, whatever the situation in the international market, the demand for gold is always there.
Enamul Haque Khan, president of Bangladesh Jewelers Association, thinks investing in gold is profitable and safe.
He says investing in gold bars or gold bars is more profitable than gold jewelry.
“The reason is that 20 percent of the price is deducted for selling gold jewelry, and 10 percent is deducted for exchange.”
But that won’t be the case at Goldbar. Gold bars, on the other hand, can be traded daily at international market prices. “
Gold bars are not usually available at jewelry stores.
There are 19 legal gold importers licensed by the central bank in Bangladesh from whom gold bars can be bought.
Gold price fluctuations
On August 8, 2020, the price of gold rose to Tk 8,218 per ounce in the Bangladesh market. This is the highest price in the history of Bangladesh.
The lowest price was in 1981 when the weight of gold was 160 rupees.