Gold prices cut after four consecutive hikes

After raising prices in four successive rounds, the Bangladesh Jewellers’ Association (BAJUS) has finally decided to reduce gold prices in the domestic market.

The organisation has lowered the price of 22-carat gold by Tk2,158 per bhori, setting the new rate at Tk245,819. The revised prices came into effect from 10:00am.

BAJUS disclosed the decision in a statement issued on Monday (6 April).

According to the statement, the price of pure gold (acid gold) in the local market has declined. Considering the overall market situation, the association has adjusted gold prices accordingly.

Under the new rates, 22-carat gold will cost Tk245,819 per bhori (11.664 grams). The price of 21-carat gold has been set at Tk234,621 per bhori, while 18-carat gold will cost Tk201,146 per bhori. Gold produced under the traditional method has been priced at Tk163,821 per bhori.

A mandatory 5% VAT, as set by the government, and a minimum 6% making charge determined by BAJUS must be added to the sale price. However, making charges may vary depending on the design and quality of the jewellery.

So far this year, gold prices in the local market have been adjusted 51 times, with 30 increases and 21 reductions.

Previously, on 1 April, Bajus had raised the price of 22-carat gold by Tk3,266 per bhori, fixing it at Tk247,977.