The jewellers have cut gold prices by Tk 2,507 a bhori for the domestic market thanks to a drop in the rates of pure gold in the local market.

From tomorrow, the price of each bhori or 11.664 grams of 22-carat gold ornaments will be Tk 150,862, down from Tk 153,369 earlier.

The Bangladesh Jewellers Association took the decision to raise gold prices in a meeting today, the association said in a press release.

Gold prices have been rising steadily for over a year due to hikes in the international market and volatility in domestic supply.

In July 2023, the price of gold surpassed Tk 100,000 for the first time in Bangladesh.

The country requires between 20 to 40 tonnes of gold annually, with about 80 percent of the demand being met through smuggling.