A big fall in the price of gold in the world market

Gold prices fell in international markets on fears of inflation and interest rate hikes by the US Federal Reserve. A fall in silver and platinum prices was also observed.

On Friday (June 12) at 1:45 PM Bangladesh time, the price of gold in the spot market decreased by 0.7 percent to 4 thousand 183.19 dollars per ounce. And the price of US gold futures for August delivery increased by 2.2 percent to 4 thousand 204.40 dollars per ounce.

Earlier on Thursday, gold prices fell to their lowest level in more than six months. However, it later turned around and ended the day at $4,219.69. US President Donald Trump's declaration of cancellation of attacks on Iran and indication of the upcoming peace agreement play a big role behind this. However, Iran has said that they have not yet reached a final decision on the deal.

Marex analyst Edward Meyer told Reuters news agency, "The price of gold is currently completely dependent on the flow of geopolitical events. Apart from this, investors are also keeping an eye on whether the Fed will increase the interest rate or not. If the Fed raises interest rates, the price of gold may drop below $4,000.

Among other precious metals, silver fell 1.8 percent to $66.13 an ounce and platinum fell 0.3 percent to $1,715.44. And the price of palladium increased by 1.6 percent to 1 thousand 289.75 dollars per ounce.

Meanwhile, the price of 22 carat gold per bari (11.664 grams) is now Tk 2 lakh 18 thousand 350 in the country market. Apart from this, the price of gold has been set at 2 lakh 8 thousand 436 taka per 21 carat, 1 lakh 78 thousand 692 taka per 18 carat and 1 lakh 45 thousand 508 taka per traditional method.