Jewelry made by Gold holds a special place in Bangladeshi culture and economy. Be it a wedding or a festival, gold is seen as a symbol of wealth and prosperity. One of the most common unit of gold measurement in Bangladesh is “Vori”, also known as bhori. 1 vori is approximately 11.664 grams.
So, in this article we will show you the updated market price currently going on for 22 carat gold, 21 carat gold and 18 carat gold.
1 vori 22 21 18 carat gold price
| Gold Type | Price Per Vori | Description |
|---|---|---|
| 22 carat gold | 141,950 taka | Cadmium Hallmarked |
| 21 carat gold | 135,500 taka | Cadmium Hallmarked |
| 18 carat gold | 116,138 taka | Cadmium Hallmarked |
| Traditional gold | 95,423 taka |
How Gold Prices are Influenced in Bangladesh
There are many factors that contribute to the price of gold, some of them are:
- International Price: Major international markets set the price of gold which is a significant factor. Any fluctuation in these prices directly impacts the price of gold in Bangladesh.
- Exchange Rate: USD to BDT exchange rate directly affects the price of gold. Because usually gold is imported in USD. So, if the exchange rate is high the gold price will also rise.
- Local Demand and Supply: Gold prices can also affect by local demand and supply. Demand for gold rises during wedding season and festivals, which increases gold price.
- Government Policies and Import Tariffs: Sometimes government increases tax on imported golds which directly impacts local gold market.
Tips for Buying Gold in Bangladesh
Gold can be a long term investment. So before investing in gold, we have to be careful. Here are some tips:
- Buy from Reputable Jewelers: Always try to buy gold from trusted jewelers to ensure quality and purity. It doesn’t necessarily have to be a big shop. Try looking for how they import their gold and try to get reviews from their previous customers.
- Check Hallmark: Ensure that the gold you are buying has a hallmark certification which indicates its purity.
- Monitor Price Trends: Try to check prices of gold before buying them for atleast couple of months. And make sure you are not buying gold during peak season!
- Be Aware of Charges: Some jewelers may charge you additional fees for crafting the gold into jewelry. So, make sure to compare them across different shops to get the best price.
Why gold prices are increasing?
To be honest I was surprised when I saw that 1 vori gold is 142k taka. I mean comparing the price with last year, it’s a remarkable surge. But there are many factors behind it which led to this situation. I have discussed two reasons below:
Global Economy
As of today, it can be said that it’s a time of economy uncertainty, such as inflation, political instability and war. All of these are making investors to turn to gold as a “safe-haven asset”. This ongoing global uncertainty have led to an increase in demand for gold. For this reason we can see that gold prices are going up.
Higher Demand and Lower Supply
Gold demand is increasing not only due to individual investors but also because of central banks of many countries. Because they are trying to diversify their reserves away from the US dollar.
US dollar is volatile now than ever since BRICS can become fully fledged in a few years. And if that happens then they will introduce a new currency which will definitely lead to a dollar crash.
And on the other hand gold supply have not increased in recent times. As gold mining and production remained still. So, naturally when supply gets lower, prices go higher.
So, that was it! I hope you get some idea about why prices are going up and do not forget to visit this page frequently as I will try to update it daily. I hope this article was helpful. If it helped you then bookmark it and share with your family.
