The country's jewellers decided Sunday, in principle, to reduce the gold price for domestic market as its price was continuously declining in the international market.
"We discussed the gold price scenario in the local and international markets. And we primarily decided to reduce the price of different carats of gold by Tk 1100 on an average," Bangladesh Jewellers Samity (BJS) general secretary Enamul Haque Khan told the FE.
The meeting was held Sunday.
"But the final decision will be taken today (Monday) after watching the market trend on the day in the international market," he said. Monday is the opening day of week in the international gold market.
The current price of per bhori 22-carat gold is Tk 46,014, 21-carat Tk 43,915, 18-carat Tk 37,266, and the traditional gold Tk 25,544 per bhori while price of a bhori silver is Tk 1050, according to BJS data on January 21, 2015.
The price of gold moved down from $1,302.90 to $1,288.26 per ounce when the gold and silver prices were revised on January 21, 2015.
The price of gold also came down from $1,163.86 to $1,200.71 per ounce in the international market Friday last.
Meanwhile PTI report from New Delhi Gold prices yesterday (Saturday) plunged by
Rs 520, its biggest fall this year, to trade at an over three-month low of Rs 26,540 per 10 gram at the bullion market, tracking a weak global trend amid subdued demand from jewellers and retailers.
Silver also fell sharply by Rs 500 to Rs 36,300 per kg on reduced offtake by industrial users and coin makers.
Bullion merchants said apart from slackened demand from jewellers and retailers, a weak global trend amid the US economy adding more jobs in February than forecast, has cut
demand for the precious metal as a safe-haven, leading to fall in gold and silver prices.
Bullion market remained closed on Thursday and Friday on account of "Holi" festival.
Gold in New York, which normally determines price trend on the domestic front, dropped by $29.30, or 2.45 per cent, to 1,168.70 an ounce and silver by 1.70 per cent to $15.93 an ounce in Friday's trade.
In Delhi , gold of 99.9 and 99.5 per cent purity suffered this year's biggest fall of Rs 520 each to Rs 26,540 and Rs 26,340 per 10 grams respectively. Previously, the precious metal had recorded the largest decline of Rs 510 on February 18 last month.
Sovereign too declined by Rs 100 at Rs 23,600 per piece of eight grams.
Tracking gold, silver ready fell by Rs 500 to Rs 36,300 per kg and weekly-based delivery by Rs 300 to Rs 36,000 per kg.
Silver coins nosedived by Rs 2,000 to Rs 57,000 for buying and Rs 58,000 for selling of 100 pieces.
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