Gold prices have dropped once again in the local market, with the Bangladesh Jeweller's Association (BAJUS) reducing the price of 22-carat gold by Tk 2,624 per bhori, following a Tk 1,668 cut just four days earlier.
With the latest revision, the price of 22-carat gold now stands at Tk 170,236 per bhori (11.664 grams), effective from Sunday, BAJUS said in a statement issued on Saturday night.
As a result, the price of 22-carat gold has dropped by a total of Tk 4,292 per bhori in two phases within a week.
According to the statement, the price adjustment comes in light of a decline in the cost of pure gold (tejaabi gold) in the local market.
Gold price drops by Tk 1,668 per bhori after consecutive hikes
Under the new pricing, 21-carat gold will cost Tk 162,503 per bhori, 18-carat gold will sell for Tk 139,291, and traditional (sanatani) gold will be priced at Tk 115,170 per bhori.
In addition to the base price, consumers will have to pay a mandatory 5 percent VAT as set by the government and a minimum 6 percent making charge set by BAJUS.
But, the making charge may vary depending on the design and quality of the jewellery, the association noted.
BAJUS last revised gold prices on June 24, when it reduced the price of 22-carat gold by Tk 1,668 per bhori, setting it at Tk 172,860.
With this adjustment, gold prices in the country have been revised a total of 40 times so far this year — increased on 26 occasions and decreased only 14 times.