Gold Prices Fall as US Dollar Strengthens

Gold prices declined in the international market on Thursday as the stronger US dollar and reduced expectations of a Federal Reserve rate cut in December put downward pressure on the market.

According to a Reuters report, spot gold fell by 0.4% to 4,063.81 dollars per ounce during mid-session trading. US gold futures for December delivery dropped by 0.5%, settling at 4,063.60 dollars per ounce.

The report further states that investors have shifted from gold towards the dollar, while keeping a close watch on the upcoming US economic reports. Any shift in US monetary policy could create volatility in the gold market.

Market analyst Kelvin Wong noted that the decline in expectations for a rate cut over the past two weeks has contributed to the recent drop in gold prices.

Meanwhile, in the domestic market, the price of gold per bhori (11.664 grams) on Thursday (20 November) has been set at 209,520 taka. On Wednesday (19 November), the Bangladesh Jewellers Association (BAJUS) raised gold prices by 2,612 taka per bhori.

BAJUS stated that the price of pure gold has increased in the local refining market, and the new prices have been determined based on the overall situation.

As per the updated rates, 22-carat gold will be sold at 209,520 taka per bhori. Additionally, 21-carat gold has been priced at 203,000 taka per bhori, 18-carat at 171,426 taka per bhori, and traditional method gold at 142,592 taka per bhori.

Khaborwala/SS