Gold prices in the domestic market have been reduced again within a day, with the Bangladesh Jewellers Association (Bajus) cutting the price of 22-carat gold by Tk5,482 per bhori.
Prices of 21-carat and 18-carat gold, as well as silver, have also been lowered.
The new rates came into effect at 10am on Saturday, following another price cut announced by Bajus on Friday, marking two consecutive days of reductions.
The decision was taken at a meeting of the Bajus Standing Committee on Pricing and Price Monitoring on Saturday morning. In a press release, the association said the revised rates reflected a decline in the prices of pure gold and silver in the local market.
New gold prices
Under the latest rates, the price of hallmarked 22-carat gold has been set at Tk18,655 per gram, or Tk217,592 per bhori (11.664 grams).
The price of 21-carat gold has been fixed at Tk17,815 per gram, or Tk207,794 per bhori. For 18-carat gold, the new rate is Tk15,300 per gram, or Tk178,459 per bhori.
Meanwhile, gold under the traditional method has been priced at Tk12,500 per gram, or Tk145,800 per bhori.
Extent of the reduction
Compared with Friday's rates, the price of 22-carat gold has fallen by Tk470 per gram, or Tk5,482 per bhori.
The price of 21-carat gold has dropped by Tk450 per gram, reducing the bhori price by Tk5,249. The price of 18-carat gold has declined by Tk385 per gram, or Tk4,481 per bhori.
Traditional-method gold has become cheaper by Tk315 per gram, bringing the reduction to Tk3,674 per bhori.
Silver prices also reduced
Bajus has also lowered silver prices. Under the revised rates, hallmarked 22-carat silver costs Tk300 per gram, 21-carat silver Tk290 per gram and 18-carat silver Tk250 per gram.
Traditional-method silver has been priced at Tk190 per gram.
Rules for buying and selling jewellery
Bajus said making charges would depend on the design and craftsmanship of the jewellery. As VAT is already included in the fixed retail price, it cannot be charged separately.
For exchanges of old jewellery, 12% will be deducted from the fixed price, excluding making charges and the cost of stones. For buy-backs, the deduction will be 18%. However, VAT cannot be deducted separately in either case.
The new rates will remain in effect at jewellery shops across the country until further notice, the association said.
Gold prices rose earlier in the week
Before the latest reductions, Bajus raised gold prices on Wednesday, October 28, and again on Thursday, October 29.
On Friday, October 30, the association revised the rates downward following a decline in the prices of raw gold and silver.
The price of 22-carat gold had been set at Tk223,074 per bhori on Friday. The latest reduction brings it down to Tk217,592, a drop of Tk5,482 in a single day.
Bajus had previously reduced gold prices in four consecutive rounds before raising them twice on Wednesday and Thursday. The latest cuts followed a further decline in the prices of raw gold.