The Bangladesh Jeweller’s Association (BAJUS) has announced a reduction in gold prices by Tk 2,216 per bhori, citing decreased local market costs for pure gold.

Each bhori (11.664g) of 22-carat gold will now cost Tk 242,495, BAJUS said in a circular today (April 29).

The new prices took effect from 10am today.

A bhori of 21-carat gold will cost Tk 231,472, while the price of 18-carat gold has been slashed to Tk 198,495.

Gold prices fell more than 2% on Tuesday in the global gold market, hitting a near four-week low amid persistent inflation concerns and geopolitical uncertainty.

Spot gold dropped 2.4% to $4,570.34 per ounce as of 11:24am EDT (1524 GMT), its lowest level since April 2.

US gold futures for June delivery also declined 2.3% to $4,584.70.