The Bangladesh Jewelers Association (BAJUS) has significantly reduced the price of gold in the country’s market on the eve of the announcement of the national budget.
According to the new decision, the price of gold has been reduced to a maximum of Tk 6,590 per bhori.
In a statement issued on Wednesday (June 10) morning, Bajus said that due to the decline in the price of pure gold in the international and local markets, a new price of gold has been fixed in the domestic market as well. The new price has come into effect from 10 am.
According to the new price, the price of the best quality 22-carat gold per bhori has been fixed at 222,782 taka, which is 6,590 taka less than the previous day. On Tuesday, the price of gold of this quality was 229,373 taka.
New gold price
22 carat: 2,22,782 taka per bhori
21 carat: 2,12,635 taka per bhori
18 carat: 1,82,250 taka per bhori
Traditional method: 1,48,424 taka per bhori
Silver price also decreased
Along with gold, Bajaus has also reduced the price of silver.
22 carat silver: 4,899 taka per bhori
21 carat silver: 4,666 taka per bhori
18 carat silver: 4,024 taka per bhori
Traditional method: 3,032 taka per bhori
New VAT system may come in the budget
There is a possibility of changes in the existing VAT structure on gold and gold ornaments in the upcoming budget for the 2026-27 fiscal year. Currently, Value Added Tax (VAT) is levied at a rate of 5 percent on the total selling price.
According to sources at the National Board of Revenue (NBR), in view of the long-standing demand of traders, a proposal to impose a fixed amount of VAT instead of a percentage-based VAT is being considered. According to the proposal, a fixed VAT of Tk 2,500 may be levied on each bhori of gold.
At the current market price, a single piece of gold jewelry costs more than Tk 10,000 in VAT. Those concerned believe that if the new system is implemented, the cost could be reduced somewhat for both buyers and traders.