The Bangladesh Jewellers Samity (BAJUS), has cut gold prices again in the domestic market.
The price of the best-quality 22-carat gold has been reduced by Tk 3,324 per Bhori within two days, bringing the new price to Tk 220,858 per Bhori.
The new rates took effect at 10am on Sunday. Prices of other grades of gold have also been reduced.
With the latest adjustment, the price of 22-carat gold has fallen by a total of Tk 10,439 per Bhori in four cuts over the past two weeks.
BAJUS President Enamul Haque Khan Dolon said prices in the domestic market had been adjusted in response to a decline in international gold prices.
“The gold market in Bangladesh is actually entirely dependent on the global market,” he told bdnews24.com.
“When prices rise in the international market, we set our prices accordingly. When they fall, we lower them; when they rise, we raise them.
“The international market is now on a downward trend, and we are lowering prices in the domestic market in line with that.”
Earlier, the price of 22-carat gold was cut by Tk 3,266 per Bhori on Oct 13. It was then reduced by Tk 1,691 on Oct 22 and by another Tk 2,158 on Oct 23. The latest cut of Tk 3,324 came on Sunday.
Before the series of reductions, the price of this grade of gold had been raised by Tk 2,216 per Bhori on Oct 9.
New Gold Prices
Under the new BAJUS rates, hallmarked 22-carat gold is selling for Tk 18,935 per gram in the domestic market from 10am on Sunday.
With one Bhori equivalent to 11.664 grams, the price stands at Tk 220,858 per Bhori.
Meanwhile, 21-carat gold is selling for Tk 210,934 per Bhori, 18-carat gold for Tk 181,200 and traditional-method gold for Tk 148,016.
Previously, 22-carat gold was priced at Tk 224,182 per Bhori, 21-carat at Tk 214,093, 18-carat at Tk 183,883 and traditional-method gold at Tk 150,232.
That means the price of 21-carat gold has fallen by Tk 3,159 per Bhori, 18-carat gold by Tk 2,683 and traditional-method gold by Tk 2,216.
BAJUS said in a statement that the price of pure gold in the local market had declined, prompting it to set new prices after taking the overall situation into consideration.
Gold Prices Fall in Global Market
Gold prices in the international market reached a record high in January this year. Although prices have fluctuated since then, they have declined in recent days.
The price of gold fell below $4,000 per troy ounce in the international market on Friday. Market data showed gold ended the day at around $3,996 an ounce.
International markets were closed on Saturday and Sunday. When gold prices were lowered in Bangladesh on Friday, spot gold was trading at $4,012.41 an ounce.
Reuters reported that several factors, including concerns over inflation and the prospect of the US Federal Reserve raising interest rates, were weighing on global gold prices.
Silver Prices Unchanged
While cutting gold prices, BAJUS kept silver prices unchanged.
Under the association’s rates, hallmarked 22-carat silver costs Tk 330 per gram, putting the price at Tk 3,849 per Bhori.