Alongside the record surge in gold prices, the price of silver has also hit an all-time high in Bangladesh’s market, with one bhori (11.664 grams) of 22-carat silver now priced at Tk 6,205 — the highest in the country’s history.

Although silver prices had remained stable for several months despite repeated hikes in gold prices, the precious metal has now seen a two-phase increase, reaching its highest-ever level.

On Monday night, the Bangladesh Jewellers Association (BAJUS) raised the price of 22-carat silver by Tk 1,224 per bhori, setting the new rate at Tk 6,205. The revised prices came into effect on Tuesday morning.

BAJUS said the new rates were set after considering the overall market situation, as silver prices have increased in the local market.

According to the revised price chart, one bhori of 21-carat silver will now cost Tk 5,914, 18-carat silver Tk 5,074, and traditional silver Tk 3,802.

In addition, buyers must pay 5 percent government VAT and a minimum 6 percent BAJUS-set making charge on all silver ornaments.

However, the making charge may vary depending on the design and quality of the jewelry.

The last adjustment in silver prices was made on October 8, when the price of 22-carat silver was increased by Tk 327 to Tk 4,981 per bhori, which had remained the record high until now.

With this, BAJUS has revised silver prices for the seventh time this year — six upward revisions and one downward adjustment. In comparison, silver prices were adjusted only three times throughout last year.