Gold prices rise in global markets

The fall in the value of the dollar and oil prices in the global market has eased concerns about inflation and global interest rates. This has led to an upward trend in the gold market after a major decline.

However, the gold market is still unstable due to conflicting statements between the United States and Iran on the issue of ending the war in the Middle East.

According to a report by the British news agency Reuters, gold prices rose more than 2 percent on March 25 (Wednesday). According to international standards, spot gold prices rose 1.6 percent to $ 4,600 per ounce, which is 2 percent higher than the price at the beginning of the week.

This is a major rise from last Monday's price, when gold prices fell to a four-month low of $ 4,97.99. Reuters said that the depreciation of the dollar has made it cheaper to buy gold, as a result of which its demand has started to increase again. JP Morgan said in an analysis that the future of gold is still bullish due to the geopolitical crisis.

JP Morgan said in their report, “Gold prices are down about 17 percent from pre-war levels due to the strength of the dollar and risk aversion, but historically this is a good opportunity to buy gold. The longer the conflict lasts, the more likely it is for the gold market to recover.”

Meanwhile, silver prices also rose 2.6 percent to $73.08 per ounce. Platinum prices rose 0.9 percent to $1,951.35 and palladium prices rose 1.5 percent to $1,460.60.

However, despite the global gold market rising, gold prices in the local market of Bangladesh have fallen. On Wednesday, the Bangladesh Jewelers Association (BAJUS) announced a reduction in gold prices. This was their sixth round of price reduction announcement. According to the new decision, the price of 22-carat gold has decreased by Tk 5,482 per baht to Tk 2,41,445.

Bajus said that this change in the Bangladeshi market has occurred due to the impact of a 22 percent decline in the price of gold in the international market. The price of 21-carat gold has been reduced by Tk 5,190 to Tk 2,30,481 and the price of 18-carat gold has been reduced by Tk 4,490 to Tk 1,97,530. In addition, the price of gold in the traditional system has decreased by Tk 3,616 to Tk 1,60,905.

As a result of the six consecutive price cuts in the price of gold, the price in the Bangladeshi market has decreased by a total of Tk 28,985 so far.