Gold and silver prices rise again in global markets after a day of decline

Gold prices in the international market have rebounded. Spot gold rose to a two-week high on Friday on expectations that the US Federal Reserve may cut interest rates next month. At the same time, silver touched a new record.

Spot gold rose 1.3 percent on Friday to trade at $4,210.94 per ounce, the highest since November 13. Gold prices rose 3.6 percent for the week and 5.2 percent for the month. This will be the fourth consecutive month of price increase.

On the other hand, the silver market is hot. The metal rose 6.1 percent on the day to a new record of $56.78. Its increase for the month is 16.6 percent.

Earlier, trading in futures and currency markets was suspended for several hours due to a technical glitch at CME Group. Trading resumed at 8:30 am. US gold futures for February delivery rose 1.3 percent to settle at $4,254.9.

According to market analysts, the US economy is slowing down and the Fed is becoming more interested in cutting interest rates. The low interest rate environment is favorable for gold, said Bart Melek, head of commodity strategy at TD Securities. That is why investors are returning to gold again.

The probability of a rate cut in December has increased to 87 percent after recent dovish comments from Fed Governor Christopher Waller and New York Fed President John Williams and the release of weak economic data, which was only 50 percent last week.

According to analysts, silver's technical chart is also now strong, which is increasing investor interest again.

Retail demand for gold has decreased this week in major Asian markets due to high prices. Although the wedding season has started in India, buyers are limited. Consumer interest has further decreased after the cancellation of tax exemptions on gold purchases in China.

In the metals market, platinum rose 4 percent to $1,672.50 and palladium rose 0.8 percent to $1,450.16.

Currently, the price of 22-carat gold per bhori (11.664 grams) in the domestic market is 2 lakh 8 thousand 167 taka. In addition, 21-carat gold is 1 lakh 98 thousand 696 taka, 18-carat gold is 1 lakh 70 thousand 318 taka and traditional gold is 1 lakh 41 thousand 648 taka.

News Reuters