Gold prices have fallen again in the domestic market. Continuing a downward trend over the past several days following a brief increase, the Bangladesh Jewellers Association (Bajus) has cut the price of 22-karat hallmarked gold by 90 taka per gram. Silver prices were also lowered at the same time.
Under Bajus’s new decision, the new prices took effect in the domestic market from 10 a.m. Wednesday (Sept. 9). The organization said the prices of gold and silver ornaments were revised after taking the overall situation into account, following a drop in the price of pure gold.
The new prices were set at a meeting of Bajus’s Standing Committee on Pricing and Price Monitoring on Wednesday morning. The information was announced in a notice signed by committee chairman Dr. Dewan Aminul Islam Shaheen.
Under the new decision, the price of 22-karat hallmarked gold, including VAT, has been set at 20,065 taka per gram. Based on 11.664 grams per bhori, the price of one bhori of gold comes to about 234,360 taka.
In addition, the price of 21-karat gold, including VAT, has been set at 19,165 taka per gram; 18-karat at 16,455 taka; and traditional-method gold at 13,445 taka per gram.
However, making charges will be added on top of this, depending on the design of the ornament.
Alongside gold, Bajus has also cut silver prices. According to the new list, the price of 22-karat silver, including VAT, has been set at 440 taka per gram; 21-karat at 425 taka; 18-karat at 365 taka; and traditional-method silver at 275 taka per gram.
Earlier, on Sept. 6, Bajus had cut the price of 22-karat gold by 3,847 taka per bhori, setting the new price at that time at 232,507 taka. The 22-karat gold price, including VAT, was then 20,160 taka per gram; 21-karat was 19,255 taka per gram; 18-karat was 16,535 taka; and traditional-method gold was 13,505 taka.
Before that, on Sept. 3, Bajus had raised the price of 22-karat gold by 4,474 taka per bhori, setting it at 236,354 taka. At that time, the price of 22-karat gold was set at 20,350 taka per gram. In other words, after one round of increase at the start of September, gold prices have fallen again.
Before that, on Sept. 2, the price of 22-karat gold was cut by 4,374 taka per bhori to 231,880 taka. Prior to that, on Aug. 31, the price of the same grade of gold was cut by 4,374 taka.
Additionally, the price of 22-karat gold fell by 7,115 taka on Aug. 29.
As a result, after several rounds of falling gold prices since the last week of August, Bajus raised the price once at the start of September before deciding to lower it again.
The Bajus notice said making charges determined according to the ornament’s design will apply. However, since VAT is already included in the sale price of gold and silver ornaments, it cannot be collected separately from customers.
For ornament exchanges, 12% must be deducted after excluding making charges and the value of stones, while for purchases of old gold, 18% must be deducted. There is no scope for deducting VAT separately in these cases.
The notice said these Bajus-set prices will remain in effect at all jewelry establishments across the country until a further decision is made.