The Bangladesh Jewellers Association (Bajus) has reduced gold prices in the domestic market ahead of the announcement of the national budget.
Under the new rates, the price of 22-carat gold has been reduced by Tk6,591 per bhori (11.664 grams) to Tk222,782.
Bajus announced the revised prices in a notice issued on Wednesday. The new rates came into effect from 10am the same day.
According to the association, the price adjustment was made in line with a decline in the price of pure gold in the local market and the overall market situation.
Before the latest revision, 22-carat gold was being sold at Tk229,373 per bhori.
Market insiders said domestic gold prices are adjusted based on fluctuations in both international and local bullion markets. A recent decline in global gold prices has also influenced the local market.
Bajus noted that the fixed price does not include making charges, VAT and other applicable costs, which will be added when purchasing gold jewellery.
The latest reduction is expected to provide some relief to buyers ahead of the budget, although industry insiders say prices may be revised again depending on future market trends.