Bangladesh Jeweller's Association (Bajus) has decided to reduce the gold price by Tk 1,749 per bhori from tomorrow (Wednesday).
Masudur Rahman, chairman of the Price Determination and Price Monitoring Standing Committee of Bajus confirmed this on Tuesday.
According to the Bajus, an association of gold traders, the gold prices will be slashed by 1.5 percent to Tk 111,158 per bhori (11.664 grams) from the existing Tk 112,907 a bhori, which was the highest in the country.
According to the new rate, the price of the best quality or 22-carat gold is Tk 1,11,158 per bhori, 21-carat gold is Tk 106,142 per bhori, 18-carat is Tk 90,989 and traditional gold is Tk 75,816.
The gold price marked an all-time high and reached Tk 1,01,244 per bhori in domestic market after the price hike on August 24.
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The price of gold increased but the price of silver remained unchanged.
According to the category, currently, the price of 22-carat silver is Tk2100 per bhori, 21-carat is Tk2006, 18-carat is Tk 1715 and the price of traditional silver is Tk 1283.
In line with the rise in foreign exchange, gold prices have risen significantly over the last couple of years.
Besides, the gold price increase in the global market was influenced by the Russia and Ukraine war and volatility in its supply in the domestic market.
Although Bangladesh does not import any significant quantity of gold, its prices are almost linked with international trends.
In Bangladesh, the annual demand for gold stands between 20 tonnes and 40 tonnes.