Gold prices rise in global markets
The fall in the value of the dollar and oil prices in the global market has eased concerns about inflation and global interest rates. This has led to an upward trend in the gold market after a major decline. However, the gold market is still unstable due to conflicting statements between the United States and Iran on ending the war in the Middle East.
According to a report by the British news agency Reuters, gold prices rose more than 2 percent on March 25 (Wednesday). According to international standards, spot gold prices rose 1.6 percent to $ 4,600 per ounce, which is 2 percent higher than the price at the beginning of the week.
This is a big increase compared to the price last Monday, when gold prices fell to a four-month low of $ 4,97.99. Reuters reported that the fall in the value of the dollar has made it cheaper to buy gold, which has led to its demand starting to increase again. JP Morgan said in an analysis that the future of gold is still on the upside due to the geopolitical crisis.
JP Morgan said in their report, “Gold prices have fallen by about 17 percent from pre-war levels due to the strong dollar and risk aversion, but historically this is a good opportunity to buy gold. The longer the conflict lasts, the more likely the gold market will recover.” Meanwhile, silver prices also rose 2.6 percent to $73.08 per ounce. Platinum prices rose 0.9 percent to $1,951.35 and palladium prices rose 1.5 percent to $1,460.60.
However, despite this bullish trend in the global gold market, gold prices have fallen in Bangladesh. Today, Wednesday (March 25), the Bangladesh Jewelers Association (BAJUS) announced a cut in gold prices. This was their sixth round of price reduction. According to the new decision, the price of 22-carat gold has fallen by Tk 5,482 to Tk 2,41,445 per baht.
BAJUS said that this change in the Bangladesh market has come due to the impact of a 22 percent decline in gold prices in the international market. The price of 21-carat gold has been reduced by Tk 5,190 to Tk 2,30,481 and the price of 18-carat gold has been reduced by Tk 4,490 to Tk 1,97,530. In addition, the price of traditional gold has been reduced by Tk 3,616 to Tk 1,60,905. As a result of the six consecutive price cuts in the Bangladeshi market, the price has so far decreased by Tk 28,985.
