Gold price drops in local market following global trend

The price of gold in Bangladesh has been reduced again following a downturn in the international market. The Bangladesh Jewellers' Association has cut the price by up to Tk 4,374 per bhori (11.664 grams) under its new decision, effective from Tuesday, May 19.

According to the new price list, 22-carat gold will now be sold at Tk 2,38,121 per bhori. The prices for 21-carat, 18-carat and traditional method gold have been set at Tk 2,27,331, Tk 1,94,847 and Tk 1,58,689 per bhori respectively.

The global market has seen a decline in gold prices, which has impacted the local market. Spot gold fell 0.5 per cent to $4,542.70 per ounce on Tuesday. On Monday, prices dropped to $4,479.54 per ounce, the lowest level since March 30.

US gold futures for June delivery also fell 0.3 per cent to $4,545.50 per ounce.

Market analysts said concerns over prolonged inflation in the US and expectations of further interest rate hikes by the Federal Reserve have pressured investors. The strengthening US dollar has reduced interest in safe-haven investments like gold.

Traders said further price changes in the local market are possible if global prices continue to fluctuate.