Big fall in gold prices in the global market

Gold prices have fallen again in global markets due to a strengthening dollar and rising bond interest rates, bringing the unprofitable precious metal to a major decline in a week.

According to data available on Saturday (October 3) night, the price of gold in the spot market fell by 0.9 percent to $4,140 per ounce. In total, the price of gold has fallen by about 3.5 percent this week. In addition, the price of US gold futures also fell by 1 percent to $4,162.

Market analyst Han Tan told Reuters that investors are wary of over-optimism as the US central bank, the Fed, remains on a tighter path. The future trajectory of gold depends on how the Fed manages to contain inflation and address labor market weakness, in addition to keeping inflation in check. Gold prices have fallen more than 20 percent since the start of the Iran and US-Israel wars earlier this year, driven by inflation concerns and high interest rates.

Like the global market, other metals are also not doing well. Silver, platinum and palladium prices have also fallen, putting the overall precious metals market at a weekly loss.

Meanwhile, its impact is also being seen in the domestic market. Currently, the price of a 22-carat gold bar in the Bangladeshi market is 230,772 taka. 

Besides, 21 carat gold is being sold for 220,391 taka, 18 carat gold for 189,248 taka, and 154,256 taka per baht of traditional gold.

Source: Reuters.