Price adjustment 5 times in seven days, why this instability?

Own Correspondent, Dhaka

Bangladesh Jewelers Association (BAJUS) adjusted the price of gold five times in the country’s market in the last 7 days. Due to frequent price changes, dilemmas have arisen between buyers and sellers.

On Wednesday (April 24), Bajus has reduced the price of 22 carat gold by 2 thousand 100 rupees to 1 lakh 14 thousand 190 rupees. Which has been effective from 4:50 PM today.

According to Bajus data, the price of gold was adjusted 12 times in the first four months of this year. Where the price is increased 7 times, and reduced 5 times. In April, the price has been adjusted 7 times. And in the last 7 days there has been adjustment 5 times.

Buyers and sellers say that due to the price reduction within 24 hours or 2-1 days, buyers and sellers are faced with a dilemma when it comes to buying gold. Because it will be regret if the price drops after buying. If the price increases again, the loss will be calculated.

A buyer Saiful said, buying gold with such a sudden price adjustment is ironic. Bajus should fix a price for 1 or 3 months. Then everyone can buy gold within a certain price.

And the traders said that they also have to face the irony of this sudden change in the price of gold. Suranjan, a gold trader in Tantibazar of the capital, said that this sudden change in the price of gold is often discussed with the buyers. Because they have been seeing one price, but come to the market and see another price.

However, Bajus says that the price of gold fluctuates hour by hour in the global market, so the price is adjusted in less than 24 hours or 2-1 days in the country’s market.

Bajus Standing Committee on Pricing and Price Monitoring Chairman and Bajus Vice-President Masudur Rahman told the news.
There is volatility in the price of gold in the world market. The price is fluctuating hour by hour. For this reason, adjustments are being made in less than 24 hours or 2-1 days.

When asked about the current situation in the gold market in the global market, he said that if the ongoing instability in the Middle East continues and the Federal Reserve Bank lowers the interest rate, the price of oil and gas will continue to rise along with gold. Then there will be a need for price adjustments in the country’s market as well.

Economist Mahfuz Kabir said,
The price of gold is fluctuating rapidly in the world market. The price of gold is fluctuating in the global market mainly due to the interest rate of the Federal Reserve and geopolitical tensions. So Bajus is forced to adjust the price in the country’s market as well.

Expressing the fear of gold smuggling, Mahfuz Kabir also said that if the prices are not adjusted, the cheap gold can be smuggled to neighboring countries where gold prices are high.

Note that the price of gold has increased by 7.55 percent in the first four months of this year. And in the last 16 months it has increased by 35.08 percent or 31 thousand 15 taka.