Gold prices have fallen for the third time in 10 days, with the Bangladesh Jewellers Association (BAJUS) cutting the price of 22-carat gold by Tk 2,158 to Tk 224,182 a Bhori.
The new rates took effect nationwide at 10am on Friday, with prices of other gold grades and silver also reduced.
The latest cut brings the total decline in 22-carat gold prices to Tk 7,115 a Bhori over 10 days.
Dewan Aminul Islam Shaheen, chairman of the BAJUS Standing Committee on Pricing and Price Monitoring, attributed the reductions to falling international prices.
“The local gold market depends entirely on the global market. When international prices rise, we adjust and set prices accordingly. When they fall, we cut,” he told bdnews24.com.
“The international market is now on a downward path, falling by the moment. We are cutting prices in the local market in line with it.”
On Thursday, BAJUS cut the price of 22-carat gold by Tk 1,691 a Bhori. It had previously reduced the price by Tk 3,266 on Oct 13, following an increase of Tk 2,216 on Oct 9.
Under the new rates, hallmarked 22-carat gold costs Tk 19,220 a gram, including VAT. With one Bhori equivalent to 11.664g, the price comes to approximately Tk 224,182.
A Bhori of 21-carat gold now costs Tk 214,093, while 18-carat gold is priced at Tk 183,883 and traditional-method gold at Tk 150,232.
Before the latest adjustment, 22-carat gold cost Tk 226,340 a Bhori, 21-carat Tk 216,192, 18-carat Tk 185,691 and traditional-method gold Tk 151,690.
The reductions amount to Tk 2,099 for 21-carat gold, Tk 1,808 for 18-carat gold and Tk 1,458 for traditional-method gold.
In a statement, BAJUS said the price of Tejabi (pure) gold had fallen in the local market, prompting the latest adjustment after a review of overall market conditions.
Global Market Also Down
Gold crossed $5,500 an ounce on Jan 29, reaching $5,511.28 before climbing above $5,600 later.
Prices have fluctuated since then.
At 1pm Bangladesh time on Friday, spot gold was trading at $4,012.41 an ounce, down from $4,098.74 on Thursday, when domestic prices were also reduced.
Reuters reported on Thursday that gold prices had fallen amid concerns over rising oil prices and inflation.
Silver Prices
BAJUS has also lowered silver prices.
Hallmarked 22-carat silver now costs Tk 330 a gram, or Tk 3,849 a Bhori, down Tk 175 from Tk 4,024.
Prices of other silver grades have also been reduced.