Gold prices have fallen in the global market, how much is it in the country?

Gold prices have fallen in the global market. The price of the precious metal has fallen to around $4,000 per ounce. The dollar has reached a three-month high as uncertainty over another round of interest rate cuts in the United States in December. However, gold is still in a profit trend for the third consecutive month.
On Friday (October 31), the price of gold in the spot market fell by 0.4 percent to $4,09.24 per ounce at around 5:30 pm Bangladesh time. The price has increased by about 4 percent throughout the month. US gold futures for December delivery rose by 0.1 percent to $4,020.80 per ounce.

With the dollar index at a three-month high, gold denominated in dollars has become more expensive for holders of other currencies.

Ricardo Evangelista, an analyst at ActiveTrades, said that the dollar has strengthened after Fed Chairman Jerome Powell's tough comments, which has put pressure on gold.

On Wednesday, the US Federal Reserve cut interest rates by 25 basis points for the second time this year, to a range of 3.75 to 4 percent. However, Fed Chairman Powell indicated that officials have not yet reached a consensus on another rate cut in December.

According to the CME Group FedWatch tool, the probability of another rate cut in December has now fallen to 67 percent, from more than 91 percent a week ago.

Meanwhile, demand for gold as a safe-haven investment has eased slightly due to recent progress in trade talks between the United States and China.

President Donald Trump said that the United States has agreed to reduce tariffs on China in exchange for China cracking down on the illegal fentanyl trade, resuming imports of US soybeans and continuing exports of rare earth metals.

However, analysts say the long-term gold market is still positive due to geopolitical unrest in Ukraine and the Middle East and tensions between the United States and China.

On the other hand, spot silver rose 0.2 percent to $49.02 per ounce, platinum fell 0.9 percent to $1,596.60 and palladium rose 1.1 percent to $1,460.95 per ounce.

In the domestic market, the price of 22-carat gold per ounce is Tk 2 lakh 96, the price of 21-carat gold per ounce is Tk 1 lakh 90,998, the price of 18-carat gold per ounce is Tk 1 lakh 63,716 and the price of traditional gold per ounce is Tk 1 lakh 36,14.