Gold and silver are being sold at record prices in the world market.

For the first time in the world market, the price of gold has crossed the milestone of $4,600 per ounce. At the same time, the price of silver has also reached an all-time high. Investors have turned to precious metals as a safe investment due to increasing geopolitical uncertainty and the news of the start of a criminal investigation against Jerome Powell, the chairman of the US central bank, the Federal Reserve. And that has caused the prices of gold and silver to skyrocket.

On Monday (January 12), at 1:52 PM Bangladesh time, the price of gold in the spot market rose 1.7 percent to $4,584.74 per ounce. The price of gold reached a record $4,600.33 earlier in the day.

US gold futures for February delivery rose 2.1 percent to $4,595.30 per ounce. “Potential US involvement in Iran and the criminal investigation surrounding the Fed chairman have created a situation where gold prices are likely to rise,” said Tim Waterer, chief market analyst at CM Trade. Meanwhile, silver prices in the spot market rose 5.1 percent to $84.06 an ounce. It had reached an all-time high of $84.60 earlier in the day.

Spot platinum prices rose 3.3 percent to $2,348.74 an ounce. And palladium prices rose 2.7 percent to $1,864.19 an ounce.

“If the situation remains like this, silver prices could move towards $90 an ounce very soon,” said Soni Kumari, a commodity strategist at ANZ. Policy uncertainty still remains, and the full impact of some Chinese restrictions is yet to be seen.

Meanwhile, today (Monday) the price of 22-carat gold per bhori (11.664 grams) in the domestic market is 227,856 taka. In addition, the price of 21-carat gold per bhori is 217,534 taka, 186,449 taka and 155,423 taka per bhori for traditional gold.

Reuters News