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The price of gold in Bangladesh dropped by Tk 2,158 per bhori on Friday, according to the Bangladesh Jewellers Association (BAJUS).
The Bangladesh Jewellers Association today decided to reduce the gold prices again in the local market, lowering the rate of 22-carat gold by Tk 2,158 per bhori.
In a notice issued on Friday morning, BAJUS announced the second consecutive reduction in gold prices.
Earlier, on Thursday, the association reduced the price of gold by Tk 3,324 per bhori (11.664 grams).
According to BAJUS, the new price of 22-carat gold has been set at Tk 264,947 per bhori, down from the previous rate of Tk 267,106. As a result, the price has decreased by Tk 2,159 per bhori.
The price of 21-carat gold has also been revised to Tk 252,875 per bhori, compared with the previous price of Tk 254,975.
In the statement issued on Friday, BAJUS said the decision was taken at an emergency meeting of its Standing Committee on Pricing and Price Monitoring after the price of acid gold (pure gold) declined in the market.
The meeting was held at 9:30 am, where the committee reviewed the overall market situation and set the new rates, which came into effect from 10:00 am the same day.
According to the new price list, the rates per gram are:
22-carat hallmarked gold: Tk 22,715
21-carat hallmarked gold: Tk 21,680
18-carat hallmarked gold: Tk 18,585
Traditional method gold: Tk 15,170
BAJUS also said the revised prices will remain effective at all jewellery establishments across the country until further notice.
In addition, jewellers have been instructed to collect the government-set 5 per cent VAT from customers on the sale of gold and silver ornaments and deposit it to the state treasury.
The information was disclosed in the notice signed by Dr. Dewan Aminul Islam Shaheen, chairman of the BAJUS Standing Committee on Pricing and Price Monitoring.