The Bangladesh Jewellers' Association (Bajus) has increased gold prices in the domestic market, raising the price of 22-carat gold by Tk2,508 per bhori (11.664 grams).
According to the revised rate, the price of 22-carat gold has been fixed at Tk232,930 per bhori, up from Tk230,422.
Bajus announced the new rates in a notification issued on Thursday morning. The revised prices came into effect from 10am the same day.
The association said the adjustment was made due to changes in international gold prices and an increase in the price of pure gold in the local market.
The decision was taken following a review by Bajus's Standing Committee on Price Determination and Price Monitoring.
Under the new rates, buyers will have to pay Tk232,930 per bhori for 22-carat gold. However, the final retail price will be higher after adding the government-fixed 5% VAT and making charges.
Industry insiders said fluctuations in international gold prices, exchange rate movements and the import cost of raw gold continue to influence the domestic market.
Gold traders said the sustained upward trend in global gold prices has also pushed up prices in Bangladesh in recent months.
As a result of the latest adjustment, consumers will have to spend more to purchase gold jewellery. Bajus noted that VAT and making charges will be added to the base gold price when determining the final selling price of ornaments.
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