Gold prices cut again after two consecutive hikes

The Bangladesh Jewellers Association (BAJUS) has cut gold prices in the domestic market after two consecutive increases, reducing the price of 22-carat gold by Tk 1,691 per bhori to Tk 232,930, including VAT.

BAJUS announced the revised prices in a notice issued Saturday morning. The new rates came into effect at 10am the same day.

According to the notice, the price of pure gold, locally known as tezabi gold, has declined in the local market. Considering the overall market situation, BAJUS revised the prices of gold, including VAT.

Under the new rates, a bhori (11.664 grams) of 22-carat gold will cost Tk 232,930, while 21-carat gold will cost Tk 222,491 per bhori. The price of 18-carat gold has been set at Tk 191,056 per bhori, while traditional-method gold will cost Tk 156,064 per bhori.

BAJUS said the revised prices will remain effective at all jewellery shops until further notice. Labour charges will apply separately depending on the design of the jewellery.

As VAT is included in the selling prices of gold and silver jewellery, jewellers cannot collect VAT separately from customers.

The previous BAJUS rules will remain applicable to jewellery exchange and purchase after excluding applicable VAT, labour charges and stone costs.

BAJUS last adjusted gold prices on September 19, raising the price of 22-carat gold by Tk 1,691 per bhori to Tk 234,621, including VAT.

So far this year, BAJUS has adjusted gold prices 117 times. Of these, prices were raised on 58 occasions, reduced on 58 occasions and adjusted once for VAT.

Silver prices have also been reduced in the domestic market. The price of 22-carat silver has been cut by Tk 291 per bhori to Tk 4,841, including VAT.

The new price of 21-carat silver is Tk 4,607 per bhori, while 18-carat silver will cost Tk 3,966 and traditional-method silver Tk 3,033 per bhori.

BAJUS has adjusted silver prices 71 times so far this year, raising them on 36 occasions and reducing them on the remaining 35 occasions. -UNB