Jewellers today reduced prices of gold by 1 per cent or Tk 1,166 to Tk 97,627 a bhori, as the prices of pure gold have declined in the local market.

The new prices will be effective from tomorrow, said Bangladesh Jewellers' Association (Bajus) in a press release.

The disclosure comes just three days after the Bajus hiked the rate of gold to the historic high of Tk 98,794 a bhori (11.664 grams) on March 18.

"We have decided to cut prices so that customers can avail the benefit as soon as prices fall," said MA Hannan Azad, chairman of Bajus Standing Committee on Pricing and Price Monitoring.

"When prices of pure gold increase in the local market, we wait. In case of price drops, we want to ensure that the benefit goes to the customer level fast."