Global Gold Prices Increase, Local Market Sales Also Expensive

Gold prices saw a slight increase in the international market on Wednesday. This rise is attributed to growing interest in safe investments as people seek to avoid risk. Investors are closely watching the latest minutes from the U.S. Federal Reserve meeting and the delayed U.S. job market report, which could provide new clues about future interest rates and influence the market. Amid this uncertainty, investors have been buying more gold.

At 9:15 AM Greenwich Mean Time, the price of spot gold rose by 0.5% to $4,088.03 per ounce. Gold futures for December delivery in the U.S. also rose by 0.5%, trading at $4,087.90.

FXTM Senior Research Analyst Lukman Otunuga said, “After gold prices fell below the psychological level of $4,000 in the previous session, there’s a slight spark today amidst cautious market sentiment.”

According to Reuters, the gold market is once again gaining momentum in the environment of low interest rates and economic uncertainty.

Meanwhile, in the local market, the price of gold on Wednesday (19 November) has been set at 2,06,908 Taka per bhori. On Tuesday (18 November), Bangladesh Jewelers Association (BAJUS) had reduced the price of gold by 1,364 Taka per bhori.

BAJUS stated that the price of pure gold (tejaabi gold) has decreased, leading to the new price determination based on the overall situation.

According to the new price, the cost of 22-carat gold per bhori (11.664 grams) in the domestic market will be 2,06,908 Taka. The price of 21-carat gold per bhori is set at 1,97,495 Taka, 18-carat gold will cost 1,69,291 Taka per bhori, and traditional method gold will be priced at 1,40,761 Taka per bhori.

Khaborwala/SS