The Bangladesh Jewellers Association (BAJUS) has reduced gold prices in the local market, cutting the rate by Tk 2,613 per bhori (11.664 grams).

According to a BAJUS press release, the new rates came into effect on Friday morning.

The association said the adjustment was made following a decline in the price of pure gold (tejabi gold) in the local market.

As per the latest decision, the price of 22-carat gold has been fixed at Tk 200,096 per bhori.

The price of 21-carat gold now stands at Tk 190,998, while 18-carat gold is priced at Tk 163,716 per bhori. The traditional gold rate has been set at Tk 136,014 per bhori.

In addition to the base price, a 5 percent VAT set by the government and a minimum making charge of 6 percent determined by BAJUS will apply. However, the making charge may vary depending on jewellery design and quality.

BAJUS last revised gold prices on October 29, when it increased the rate by Tk 8,900 per bhori, setting the price of 22-carat gold at Tk 202,709 per bhori.

With this latest revision, BAJUS has adjusted gold prices 72 times so far this year — raising them 49 times and cutting them 23 times.