Dhaka, May 15 -- The price of gold in the local market has been reduced, with the rate of 22-carat gold - considered the best quality - lowered by Tk 2,215 per bhori (11.664 grams). Following the adjustment, the new price of one bhori of 22-carat gold has been fixed at Tk 242,495.

The new rates came into effect from 10:00 am on Friday, according to the Bangladesh Jewellers' Association (BAJUS).

BAJUS said the decision was taken in line with a decline in the price of pure gold in the local market, as per local media reports.

The decision to revise the prices downward was made at a meeting of the BAJUS Standing Committee on Pricing and Price Monitoring on Friday morning. The information was later disclosed in a press release signed by th...