Dhaka, Oct. 1 -- Gold has become an unprecedentedly valuable asset in Bangladesh as its price is skyrocketing by a staggering 40 per cent over the first nine months of the year, affecting everything from the country's investment portfolios to the local jewellery market.

Mostly used as jewelry, the high price has dipped the demand for the precious metal. Gold jewelers now spend most of their time in the day doing nothing. Their sales have halved compared with last year.

At the end of last year, the price of 22-carat gold was Tk 138,288 per bhori. Nine months later, the cost rose to Tk 195,384, setting a new historic record for the price. The previous record was made on September 23, when the price of 22-carat gold reached Tk 194,859.

Th...