After four consecutive cuts that brought gold prices below Tk 2 lakh per bhori, the price of the precious metal has surged once again—rising by Tk 8,900 per bhori—to cross the Tk 2 lakh mark in the local market.

The Bangladesh Jewellers’ Association (BAJUS) announced in a statement on Wednesday night that the new rates will take effect from Thursday.

According to BAJUS, the price of 22-carat gold has been set at Tk 2,02,709 per bhori (11.664 grams). The prices for other categories have also been adjusted: Tk 1,93,506 for 21-carat, Tk 1,65,862 for 18-carat, and Tk 1,37,845 per bhori for traditional gold.

The organization said the increase was due to a rise in the price of pure (tejabi) gold in the local market. Considering the overall situation, the new prices were determined accordingly.

BAJUS also noted that a 5% government VAT and a minimum 6% making charge must be added to the selling price. However, the making charge may vary depending on the design and quality of jewelry.

The last adjustment was made on October 28, when BAJUS reduced the price by Tk 10,474 per bhori, setting the 22-carat gold rate at Tk 1,93,809.

With this latest revision, gold prices have now been adjusted 71 times this year—49 increases and 22 reductions, according to BAJUS data.