Gold price falls by 7,115 taka per bhori after four hikes
Bangladesh Jewellers Association (BAJUS) has cut gold prices by 7,115 taka per bhori after four consecutive increases, setting the price of 22-carat gold at 2,40,628 taka per bhori including VAT.
The new prices came into effect at 10am on Saturday, BAJUS said in a notice.
The association said the price of locally sourced Tejabi gold (pure gold) had declined, prompting it to revise gold prices after reviewing the overall market situation.
Under the new rates, one bhori (11.664 grammes) of 22-carat gold will cost 2,40,628 taka, while 21-carat gold will be priced at 2,29,781 taka per bhori.
The price of 18-carat gold has been fixed at 1,97,355 taka per bhori, while gold under the traditional system will cost 1,61,196 taka per bhori.
The revised prices will remain effective at all jewellery shops until further notice, BAJUS said.
However, labour charges will apply depending on the design of jewellery. As VAT is already included in the selling price of gold and silver jewellery, jewellers cannot collect VAT separately from customers.
BAJUS also said its existing rules would remain applicable to jewellery exchange and purchase transactions, excluding specified VAT, labour charges and stone prices.
The latest adjustment came four days after BAJUS raised gold prices by 1,633 taka per bhori on August 25, setting the price of 22-carat gold at 2,47,743 taka per bhori, including VAT.
So far this year, gold prices have been adjusted 108 times in the domestic market. Prices have been raised 55 times, cut 52 times and adjusted once due to VAT.
Alongside gold, BAJUS has also reduced silver prices by 175 taka per bhori.
The price of 22-carat silver has been set at 5,307 taka per bhori, including VAT. The prices of 21-carat and 18-carat silver have been fixed at 5,074 taka and 4,374 taka per bhori, respectively.
Silver under the traditional system will cost 3,324 taka per bhori.
Silver prices have been adjusted 65 times so far this year, with 34 increases and 31 decreases.