The Bangladesh Jewellers Association (Bajus) on Tuesday reduced gold prices, a day after increasing them.

In a notice issued in the morning, Bajus said the price of 22-carat gold had been reduced by 2,216 taka per bhori, bringing the new price, inclusive of VAT, to 220,858 taka per bhori.

The revised rates came into effect at 10:00am.

According to the new price list, 21-carat gold will now cost 210,943 taka per bhori, down by 2,100 taka, while the price of 18-carat gold has been reduced by 1,750 taka to 181,200 taka per bhori. The price of traditional (Sanatan) gold has been cut by 1,458 taka to 148,016 taka per bhori, the notice added.

Bajus said the new prices will remain effective at all jewellery shops until further notice, although making charges will vary depending on the design of the ornament.

As VAT is already included in the selling price of gold and silver ornaments, customers cannot be charged VAT separately, it said.

The organisation also said its existing rules on making charges, VAT and stone deductions will remain unchanged for the exchange and purchase of ornaments.

On Monday, Bajus increased the price of 22-carat gold by 2,216 taka per bhori, setting it at 223,074 taka per bhori, inclusive of VAT.

Silver prices were also revised downward. The price of 22-carat silver ornaments has been reduced by 59 taka to 4,607 taka per bhori.

Similarly, the price of 21-carat silver has been cut by 175 taka to 4,374 taka per bhori, while 18-carat silver has been reduced by 116 taka to 3,791 taka per bhori. The price of traditional silver has also been lowered by 116 taka to 2,858 taka per bhori.