Gold Prices Soar Again: Hitting a Three-Week High

After a brief dip, gold prices have surged once again in the global market, reaching the highest level in the past three weeks.

On Thursday (November 13), a report from Reuters revealed that gold prices in the U.S. spot market increased by 0.4%, reaching $4,215.87 per ounce, the highest since October 21. Meanwhile, gold futures for December delivery rose by 0.2%, reaching $4,219.90 per ounce.

According to the report, the surge in gold prices was driven by the expectation that the U.S. government shutdown, which had delayed the release of key economic data, would end, and that the Federal Reserve might soon cut interest rates. These expectations have encouraged investors to turn back to gold as a safe haven.

ANZ Bank analysts noted that the end of the government shutdown and concerns over weak economic data played a role in pushing gold prices higher. They also pointed out that increasing demand from central banks, combined with an uncertain economic environment and limited investment alternatives, is expected to further boost demand for both retail and strategic gold investments.

Previously, on Wednesday, U.S. President Donald Trump signed a bill to end the longest government shutdown, which had started on October 1 and halted the release of critical economic data, including labor market, inflation, and income-expenditure reports.

Economists believe that it is now crucial to release this data quickly, allowing the Federal Reserve to make informed decisions at its upcoming policy meeting in December. According to a Reuters survey, 80% of economists expect the Fed to cut interest rates by 25 basis points to address a weak labor market.

Analysts suggest that in a low-interest-rate environment and uncertain economic conditions, gold is considered a safer asset. Over the past year, gold prices have risen nearly 60%, largely driven by geopolitical tensions and expectations of interest rate cuts by the Fed. On October 20, gold prices reached an all-time high of $4,381.21 per ounce.

In addition to gold, silver prices have also risen in the global market. On Thursday (November 13), silver prices in the spot market increased by 1.4%, reaching $54.15 per ounce, the highest since October 17.

Meanwhile, in the domestic market, the price of the highest quality gold (22-carat) has reached 208,471 BDT per gram. Additionally, the price of 21-carat gold is currently 199,000 BDT per gram, while 18-carat gold is priced at 170,563 BDT per gram, and traditional (Sona) gold is being sold at 141,858 BDT per gram.

In the domestic market, the price of silver has also risen. A gram of 22-carat silver is currently priced at 4,246 BDT, while 21-carat silver is being sold at 4,047 BDT per gram, 18-carat silver at 3,476 BDT per gram, and traditional silver at 2,601 BDT per gram.