Gold prices reduce again
After raising gold prices in two consecutive revisions, the Bangladesh Jewellers Association (BAJUS) has once again adjusted its pricing, this time reducing the rates of gold in the domestic market in line with a decline in the price of pure gold.
According to a statement issued by BAJUS on Monday (July 6), the price of 22-karat gold has been reduced by Tk 3,266 per bhori (11.664 grams), bringing the new retail price, including VAT, to Tk 225,290 per bhori. The revised prices came into effect from 12:00 pm on the same day.
BAJUS said the decision was taken after the price of acid-tested (pure) gold declined in the local market. Considering the overall market situation, including fluctuations in the cost of raw gold, the association's Standing Committee on Pricing and Price Monitoring recommended the latest adjustment.
Under the new price structure, 21-karat gold has been fixed at Tk 215,048 per bhori, while 18-karat gold will be sold at Tk 184,330 per bhori. The price of traditional gold has also been reduced to Tk 151,317 per bhori, all inclusive of VAT.
The latest revision comes just days after BAJUS raised gold prices twice in succession amid rising costs of raw gold in both the local and international markets. In those upward revisions, the price of 22-karat gold climbed to a record Tk 228,556 per bhori, reflecting persistent pressure from higher import costs and increased demand.
Despite the reduction, gold prices in Bangladesh remain historically high compared with previous months, indicating that the domestic market continues to be influenced by volatility in global bullion prices, exchange rate movements, and fluctuations in the supply of refined gold.
Industry insiders say BAJUS regularly reviews gold prices based on changes in the cost of pure gold in the local market and prevailing international trends. Any increase or decrease in the price of raw gold is typically reflected in retail prices through periodic adjustments aimed at keeping the domestic market aligned with prevailing market conditions.