The Bangladesh Jewelers Association (BAJUS) has increased the price of gold in the local market, with the price of 22-carat gold rising by Tk 1,155 per bhori to Tk 1,39,443.
The new rates will come into effect on Thursday (January 16), according to a press release issued on Wednesday.
At the revised rates, 22-carat gold will cost Tk 1,39,443 per bhori (11.664 grams), while the price of 21-carat gold has been set at Tk 1,33,098 per bhori, 18-carat gold at Tk 1,14,086 per bhori and traditional gold at Tk 93,674 per bhori.
This adjustment follows a price reduction implemented on December 30 last year when BAJUS decreased the price of 22-carat gold by Tk 1,050 per bhori to Tk 1,38,288.
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BAJUS attributed the latest price hike to an increase in the price of pure gold in the local market. The association also noted that the government-imposed 5% VAT and a minimum wage set by BAJUS at 6% will be added to the selling price. However, the wage may vary based on the design and quality of the jewelry.
The price of pure gold has increased in the local market. As a result, the new price of gold has been determined considering the overall situation, it added.