Gold prices plummet by Tk1,470, reversing an eight-long consecutive increase.
In a welcome development for gold buyers in Bangladesh, the Bangladesh Jewellers' Association (Bajus) announced a price reduction in the domestic market last night (17 September). The new tariff rates will be effective from 18 September.
The price of 21-carat gold per bhori (approximately 10.99 grams) has been reduced to Tk1,79,602. The price of 18-carat gold per bhori (approximately 8.33 grams) is now Tk1,53,941. The most notable reduction, however, is in the price of 22-carat gold per bhori (11.664 grams), which has been lowered to Tk1,88,152.
It is important to note that the gold prices mentioned include a 5% government-fixed Value Added Tax (VAT) and a minimum 6% making charge set by Bajus. The making charges may vary depending on jewellery design and quality.
The price reduction is a result of a drop in the price of pure gold (tejabi) in the local market. This drop in price comes after eight consecutive upward revisions of the 22-carat gold price. The previous highest price of 22-carat gold in the country's history was Tk1,89,622.
The revised gold prices were authorized by the Bangladesh government or the relevant regulatory authority responsible for commodity pricing in Bangladesh. However, the exact person or institution responsible for this decision was not specified in the provided information.
It is unclear at this time how the price reduction will impact the local market. The traditional gold price per bhori, which is Tk1,27,674, remains unaffected by the recent changes.
Bajus last revised the gold price upward on 16 September by Tk3,675 per bhori. The new price of 22-carat gold that came into effect on September 18, 2021, marks a significant decrease from the previous price.
This reduction in gold prices is expected to bring relief to consumers and stimulate demand in the domestic market. Keep an eye on further developments in this space for more updates.
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