What’s Behind the Rise in Gold Prices in the Global Market?

Gold is being sold at new prices in the local market from today. The Bangladesh Jewelers Association (BAJUS) has increased the price of 22-carat gold by 2,507 Taka per gram, setting the price of one vori (11.664 grams) at 2,04,283 Taka.

BAJUS announced this in a statement late on Monday night (November 10). The new price will be effective from today, Tuesday.

According to the new pricing, the cost of one vori (11.664 grams) of 22-carat gold will be 2,04,283 Taka in the local market. Additionally, one vori of 21-carat gold will be priced at 1,94,999 Taka, one vori of 18-carat gold at 1,67,145 Taka, and the price for traditional gold will be set at 1,38,942 Taka per vori.

Meanwhile, gold prices have also risen in the global market. On Monday (November 10), the spot price of gold reached 4,079.49 USD per ounce, which is nearly 2% higher than the previous day, and the highest since October 27.

In the U.S. futures market, the price of gold for December delivery increased to 4,087.80 USD per ounce. On the same day, the exchange rate of the dollar dropped by 0.1%.

The rise in gold prices globally is attributed to concerns over a slowdown in the U.S. economy. Analysts suggest that due to growing fears of an economic recession, the U.S. Federal Reserve may further lower interest rates next month, which is a major factor driving up gold prices.

Zigar Trivedi, Senior Analyst at Reliance Securities, stated that the depreciation of the dollar and geopolitical tensions have led to an increase in gold prices. Additionally, demand for gold as a safe investment option has also risen.