The Bangladesh Jeweller’s Association (BAJUS) on Sunday cut gold prices by Tk 3,324 per bhori, setting the price of 22-carat gold at Tk 220,858, including valued added tax (VAT).
The revised prices came into effect at 10:00am on Sunday, according to a BAJUS press release.
The organisation said it lowered gold prices following a decline in the price of pure gold in the local market.
Under the new rates, 21-carat gold will cost Tk 210,943 per bhori, 18-carat gold Tk 181,200 and traditional-method gold Tk 148,016.
BAJUS said making charges will apply depending on the design of the jewellery. As VAT is included in the selling prices of gold and silver ornaments, jewellers cannot collect it separately from customers.
For jewellery exchanges, 12 percent will be deducted from the price, excluding making charges and stones, while 18 percent will be deducted for purchases. VAT cannot be deducted separately in exchange and purchase transactions, the association said.
The revised prices will remain effective at all jewellery establishments until further notice.
Before Sunday's adjustment, BAJUS last revised gold prices on October 23, slashing Tk 2,158 per bhori to set the price of 22-carat gold at Tk 224,182, including VAT.
At the time, 21-carat gold was priced at Tk 214,093 per bhori, 18-carat gold at Tk 183,883 and traditional-method gold at Tk 150,232.
With Sunday's adjustment, gold prices have been revised 126 times in the domestic market so far this year. Prices have been raised 60 times, lowered 65 times, and adjusted once for VAT.
Silver prices unchanged
Meanwhile, silver prices remained unchanged in the domestic market.
Including VAT, 22-carat silver is selling at Tk 3,849 per bhori, 21-carat silver at Tk 3,674, 18-carat silver at Tk 3,149 and traditional-method silver at Tk 2,391.
Silver prices have been revised 76 times so far this year, with 36 increases and 40 decreases.