Staff Correspondent:

The Bangladesh Jewellers Association (Bajus) has announced a significant reduction in gold prices on Wednesday, 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 Tk 5,342 per bhori.

The revised rate now stands at Tk 1,72,546 per bhori.

The new pricing came into effect from 4:15 pm on Wednesday, 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 Tk 1,64,696 per bhori, while 18-carat gold now costs Tk 1,41,169 per bhori. Gold produced using the traditional method is being sold at Tk 1,16,780 per bhori.

This latest move follows a price hike announced on Tuesday, where Bajus had raised rates by as much as Tk 5,342 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 Tk 1,77,887 per bhori, 21-carat at Tk 1,69,804 per bhori, and 18-carat gold at Tk 1,45,543 per bhori.

Traditional method gold had climbed to Tk 1,20,512 per bhori before the newly announced rates took effect.