Gold price slashed after three consecutive hikes since Saturday: Bajus

The Bangladesh Jeweller's Association (Bajus) has announced a significant reduction in gold prices today (23 April), following three consecutive hikes since Saturday.

In a notification issued by Masudur Rahman, Chairman of the Bajus Price Determination and Price Monitoring Standing Committee, the association said the price of 22-carat gold has been slashed by Tk5,342 per bhori.

The revised rate now stands at Tk1,72,546 per bhori.

The new pricing came into effect from 4:15pm today, according to the Bajus notice.

The decision to revise prices downward comes in response to a decrease in the local market value of pure gold. Bajus said the adjustment reflects the current market dynamics and has been made considering the overall situation.

Under the updated rates, the price of 21-carat gold has been set at Tk1,64,696 per bhori, while 18-carat gold now costs Tk1,41,169 per bhori. Gold produced using the traditional method is being sold at Tk1,16,780 per bhori.

This latest move follows a price hike announced yesterday, where Bajus had raised rates by as much as Tk5,342 per bhori, which was scheduled to be effective from Wednesday before the latest revision was issued.

Prior to the reduction, gold prices had reached record levels, with hallmarked 22-carat gold being sold at Tk1,77,887 per bhori, 21-carat at Tk1,69,804 per bhori, and 18-carat gold at Tk1,45,543 per bhori.

Traditional method gold had climbed to Tk1,20,512 per bhori before the newly announced rates took effect.