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Gold prices have fallen further in Bangladesh’s local market. The Bangladesh Jewellers Association (BAJUS) has cut the price of 22-carat gold by Tk 4,023 per bhori, setting the new price at Tk 231,880.
The decision was taken at a meeting of BAJUS’s Standing Committee on Pricing and Price Monitoring on Wednesday, September 2. The new prices came into effect across the country from 10:00am the same day.
BAJUS said the latest adjustment was made after the price of refined gold declined in the local market, taking the overall market situation into consideration.
Under the new rates, the price of one bhori (11.664 grams) of gold, including VAT, is: 22-carat gold: Tk 231,880
21-carat gold: Tk 221,441 18-carat gold: Tk 190,123 Traditional-method gold: Tk 155,306
BAJUS also stated that VAT is already included in the listed selling prices, meaning jewellers cannot charge customers additional VAT. However, labour charges will be added depending on the jewellery’s design and craftsmanship.
The association’s existing rules will remain in effect for the exchange or sale of gold and silver jewellery, excluding VAT, labour charges and the value of stones. The new prices will remain effective at all jewellery shops across Bangladesh until further notice.
This is the second gold price cut in just a few days. On Monday, August 31, BAJUS reduced the price of 22-carat gold by Tk 4,723 to Tk 235,904 per bhori. The prices of 21-carat, 18-carat and traditional-method gold were set at Tk 225,640, Tk 193,739 and Tk 158,280 per bhori, respectively.
With the latest adjustment, the price of 22-carat gold has fallen by a total of Tk 8,746 per bhori in the two consecutive reductions.