Gold prices in Bangladesh have fallen again after three days, with the price of 22-carat gold reduced by Tk1,108 per bhori to Tk2,34,038.
The Bangladesh Jewellers Association (BAJUS) lowered the price following a decline in the price of pure gold (tezaabi gold) in the local market.
Earlier, after three consecutive price cuts, gold prices were raised by Tk5,482 per bhori last Thursday. The price was reduced again by Tk2,216 per bhori at the beginning of this week on Sunday. The latest cut came three days later.
The new price was decided at an emergency meeting of the BAJUS Standing Committee on Pricing and Price Monitoring on Wednesday morning. The revised rates came into effect across the country from 10am.
Under the new rates, the price of 21-carat gold has been set at Tk2,23,541 per bhori, while 18-carat gold will cost Tk1,91,931 per bhori. The price of traditional-method gold has been fixed at Tk1,56,822 per bhori.
BAJUS said the reduction was mainly due to a fall in global gold prices. The new rates will remain effective at all jewellery shops across the country until further notice.
As VAT is included in the selling price of gold, jewellers cannot charge customers any additional VAT. However, craftsmen may charge making charges based on the design of jewellery.
Gold prices reached their highest level in Bangladesh’s history on 29 January this year, when prices jumped by Tk16,213 per bhori to Tk2,86,000.
So far this year, gold prices in the country have been adjusted 114 times. Of these, prices were increased 57 times, reduced 56 times and adjusted once for VAT.
Meanwhile, silver prices have increased in the local market. The new price of 22-carat silver has been set at Tk5,405 per bhori. The prices of 21-carat silver, 18-carat silver and traditional-method silver have been fixed at Tk4,957, Tk4,257 and Tk3,208 per bhori respectively.
