Jewellers cut gold prices by 2%

Jewellers yesterday brought down gold prices because of a cut in rates of pure gold in the local market, according to a press release issued by Bangladesh Jewellers' Association (Bajus).

From today, buyers will be able to purchase 22-carat gold at Tk 97,161 each bhori (11.664 grammes), down by 2 per cent from the historic high of Tk 99,144.

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The last time the Bajus hiked the prices of gold was on April 2. On March 18, gold prices hit Tk 98,794 a bhori. The increased cost of US dollars has also fuelled gold prices, said Dewan Aminul Islam, vice president of Bajus.

According to commerce ministry documents, almost 80 per cent of the local demand is met by smuggled gold and the rest through recycling. Bajus said gold worth Tk 73,000 crore is smuggled into the country every year.