bash generate secure password with no special characters

I have a daily bash process that requires using a new password everyday.

To avoid dealing with special characters, I generate passwords using the MD5 of the product of two $RANDOM variables:

md5sum <<< $(($RANDOM * $RANDOM))

My idea is: since $RANDOM generates a random integer between 0 and 32,767, then generating two random ints and multiplying them increases the search space to 32,767^2 = 1,071,711,169

I am not a security expert, so I am curious if my approach is reasonably secure, if not, what are better approaches?