Dhaka, May 16 -- Gold prices in the local market were revised downward on Friday, with the rate of high-quality 22-carat gold falling by over Tk 2,215 per bhori (11.664 grams) to Tk 242,495.

Bangladesh Jewellers Association (BAJUS) adjusted the gold rates at a meeting of its Standing Committee on Pricing and Price Monitoring, according to a press release issued by the committee chairman Dr Dewan Aminul Islam Shahin.reflects a decline in the price of pure gold in the domestic market. The new rates came into effect from 10:00am on Friday.

The latest revision comes just eight days after a previous hike on May 7, when the price of 22-carat gold was increased by Tk 2,215 per bhori.

According to new rates, the price of 21-carat gold has been...