Gold prices continue to fall in the global market

Gold prices have fallen for the third consecutive day in the international market. The dollar is strengthening due to the possibility of an interest rate hike in the United States. This has put pressure on non-interest-bearing assets such as gold.

At 4:54 pm Bangladesh time on Thursday (June 25), the price of gold in the spot market fell by 0.5 percent to $ 3,982.49 per ounce. At the same time, the price of US gold futures for delivery in August fell by 0.3 percent to $ 3,997.60 per ounce.

Nikos Zabouras, senior market analyst at Tradu.com, told Reuters news agency, “The Fed’s tight policy stance and the possibility of an interest rate hike as a result are mainly playing a major role in the decline in gold prices.”

Gold prices have fallen more than 6 percent since the Fed’s meeting last week. On Wednesday (June 24), the price of gold fell below $4,000 for the first time since November last year.

Among other precious metals, the price of silver fell by 0.3 percent to $57.26 per ounce. In addition, the price of platinum fell by 0.4 percent to $1,571.95. However, the price of palladium increased by 1.3 percent to $1,181.46 per ounce.

Meanwhile, the best quality or 22-carat gold bar in the country's market, including VAT, is now priced at Tk 2,23,074. In addition, the price of 21-carat gold has been fixed at Tk 2,13,043, the price of 18-carat gold at Tk 1,82,950 and the price of traditional gold at Tk 1,49,474.