Gold prices continue to rise, jewelry sales slump even during Eid

The capital’s various shopping malls, markets and market stalls are packed with shoppers ahead of Eid-ul-Fitr, the biggest religious festival of Muslims. Sales of various products including clothing, accessories and shoes are also going well. However, gold prices are increasing, and a decline in jewelry sales has been observed during Eid, traders said.

Low number of buyers at jewelry stores
On Friday (March 21), various jewelry stores including Mirpur-1 Muktijoddha Super Market, Mirpur Mazar Cooperative Market, Hazrat Shah Ali (RA) Super Market, Muktabangla Shopping Complex, Mirpur New Market, and other jewelry stores in the capital were visited. Although other stores were crowded with buyers, jewelry traders were spending their time idly.

There are various jewelry stores on the second floor of Mirpur-1 Muktijoddha Super Market. Jewelry made of various precious metals including gold, silver and diamonds is sold here. However, the number of buyers is relatively low. Traders said that due to inflation and the economic crisis, as well as the high price of gold, the common man has reduced his purchase of jewelry compared to before.

Impact of rising gold prices
Eureka Jewelers owner Zaman said, “The business is in a slump, and the price of gold is constantly increasing. As a result, the desired sales are not happening. I had hoped that sales would increase during Eid, but I have not yet received the expected buyers.”

A buyer named Sathi came to buy earrings and said, “A pair of earrings worth two annas is asking for 20,000 taka! How can I buy it if it is so high?”

Current gold market price
Currently, a 22-carat bhori (11.664 grams) of gold costs 1,54,945 taka. When wages are added to this, the price increases further. According to traders, the price has never been so high in the country’s market before.

Altaf Hossain Manik, owner of Swarnali Jewelers, said, “The price of gold is increasing by one to two thousand taka every week. Gold is a luxury product, people are struggling to buy daily necessities, how will they be able to afford to buy jewelry?”

Demand for silver jewelry instead of gold
Currently, the price of a bhori of silver is 1,200 to 1,400 taka. When wages are added to this, the price increases slightly. Many people are now interested in buying silver jewelry instead of gold.