Gold prices have fallen further in Bangladesh, with the price of the highest-quality gold reduced by Tk 1,108 per bhori to Tk 234,038.

The decision was unanimously taken at a meeting of the Bangladesh Jewellers Association (BAJUS) Standing Committee on Pricing and Price Monitoring on Wednesday (September 9). The new prices came into effect at 10am the same day.

BAJUS said the new prices were set after considering the overall market situation following a decline in the price of Tejabi gold (pure gold).

According to the new rates, the price of 22-carat gold has been set at Tk 234,038 per bhori. The price of 21-carat gold has been reduced by Tk 1,049 to Tk 223,541 per bhori.

Meanwhile, the price of 18-carat gold has been cut by Tk 933 to Tk 191,931 per bhori. The price of gold under the traditional system has been reduced by Tk 700 to Tk 156,822 per bhori.

Earlier, on September 6, BAJUS had reduced the price of 22-carat gold jewellery, including VAT, by Tk 2,216 to Tk 235,146 per bhori, effective from 10am. The price of 21-carat gold jewellery was reduced by Tk 2,100 to Tk 224,590 per bhori.

The price of 18-carat gold jewellery was also reduced by Tk 1,750 to Tk 192,864 per bhori, while gold jewellery under the traditional system was cut by Tk 1,458 to Tk 157,522 per bhori. These prices remained in effect until 9:59am on Wednesday.

In a notice, BAJUS said labour charges would apply depending on the design of the jewellery. Since VAT is already included in the selling price, jewellers cannot collect VAT separately from customers.

The notice also said that, excluding labour and stone costs, 12 percent must be deducted in the case of jewellery exchange and 18 percent in the case of purchase. VAT cannot be deducted separately in exchange and purchase transactions.

BAJUS said the new selling prices would remain effective at all jewellery shops across the country until further notice.