Gold prices in Bangladesh have declined after two consecutive hikes, with the price of 22-carat gold reduced by Tk 2,216 a bhari on the local market.

Under the revised rates, one bhari (11.664 grams) of 22-carat gold will now cost Tk 2,42,495, according to a statement issued by the Bangladesh Jewellers’ Association on Friday morning.

The new prices came into effect from 10:00am on the day.

The decision was taken at a meeting of BAJUS’s standing committee on pricing and price monitoring.

The revised rates were announced in a notification signed by the committee’s chairman, Dewan Aminul Islam Shaheen.

The BAJUS said that the latest adjustment was made following a decline in the price of pure gold, commonly known as tejabi gold, on the local market.

According to the new rates, 21-carat gold will now cost Tk 2,31,472 a bhari, while the price of 18-carat gold has been fixed at Tk 1,98,405 a bhari.

Gold produced under the traditional method will be sold at Tk 1,61,605 a bhari.

Buyers will also have to pay an additional 5 per cent government-fixed VAT on the sale price, along with a minimum 6 per cent making charge set by the BAJUS.

However, the making charge may vary depending on the design and quality of the jewellery.

Previously, on May 7, the association increased the price of 22-carat gold by the same amount — Tk 2,216 a bhari — taking the price to Tk 2,44,711.

Internationally, gold prices also continued to decline.

According to a Reuters report, spot gold fell to a one-week low on Friday as rising oil prices fueled inflation concerns and strengthened expectations of higher interest rates in the United States.

Spot gold dropped 2 per cent to $4,557.25 an ounce by 0822 GMT, marking its fourth consecutive session of losses.

Bullion has lost 3.3 per cent so far this week, while US gold futures for June delivery fell 2.7 per cent to $4,561.30 an ounce.

So far this year, gold prices in Bangladesh have been adjusted 64 times, with rates increased 35 times and reduced 29 times.

Despite the fall in gold prices, silver prices remained unchanged on the domestic market.

Currently, 22-carat silver is selling at Tk 5,774 a bhari, while 21-carat silver costs Tk 5,540 a bhari.

The price of 18-carat silver stands at Tk 4,724 a bhari, and traditional silver is being sold at Tk 3,558 a bhari.