Gold prices rise in global markets

Gold prices continue to rise in the international market. Concerns about inflation have eased as oil prices have fallen following the US-Iran ceasefire agreement. This has eased the pressure on the precious metal somewhat.

At 2:30 pm Bangladesh time on Thursday (June 18), the price of gold in the spot market rose by 0.6 percent to $4,284.67 per ounce. On the other hand, US gold futures fell by 1.8 percent to $4,304.30 per ounce.

Oil prices have fallen after the signing of a peace deal between the US and Iran. Under the agreement, the Iran war is supposed to end, the Strait of Hormuz is to be reopened and US sanctions on Tehran's oil sector are to be lifted. As a result, the possibility of increasing global oil supply has strengthened.

"The US-Iran peace deal has given investors hope, which is driving gold prices back up," Han Tan, chief market analyst at crypto exchange Bybit, told Reuters.

Among other precious metals, silver rose 0.4 percent to $68.24 an ounce and platinum fell 0.1 percent to $1,735.34. Palladium was unchanged at $1,312.54 an ounce.

Meanwhile, the price of 22-carat gold (11.664 grams) is now at Tk 230,422. In addition, 21-carat gold is priced at Tk 219,983, 18-carat gold at Tk 188,549 and 153,557 per ounce of traditional gold.