Gold prices fall again in global market

Gold prices continued to decline in the international market amid concerns that the US Federal Reserve may raise interest rates further due to rising oil prices and a stronger US dollar, increasing pressure on investors.

According to a report by Reuters, spot gold prices fell 0.3 percent to $4,527.60 per ounce at 10:11am Bangladesh time on Friday (May 22). So far this week, the precious metal has lost around 0.2 percent of its value.

Meanwhile, US gold futures for June delivery also dropped 0.3 percent to $4,529.10 per ounce.

Edward Meir, an analyst at market research firm Marex, told Reuters that the stronger dollar was the main reason behind the decline in gold prices.

“The dollar is gaining further strength as high interest rates are expected to remain in place for a longer period,” he said.

Besides gold, silver prices in the international market also declined. Silver fell 0.2 percent to $76.53 per ounce on Friday.

Platinum prices dropped 0.5 percent to $1,955.66 per ounce, while palladium prices slipped 0.2 percent to $1,375.35 per ounce.

Gold Prices in Bangladesh

In the local market, the price of 22-carat gold has been set at Tk 238,121 per bhori (11.664 grams).

Other gold prices are as follows:

21-carat gold: Tk 227,331 per bhori
18-carat gold: Tk 194,847 per bhori
Traditional method gold: Tk 158,689 per bhori