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Gold prices have further increased in the international market. A week-long upward trend in the price of this precious metal is being observed, driven by diminishing concerns over inflation and high interest rates, coupled with optimism surrounding a potential US-Iran peace deal.
On Friday (May 8), at 10:07 AM Bangladesh time, the spot market price of gold rose by 0.7 percent, reaching $4,715.49 per ounce. Meanwhile, US gold futures for June delivery saw a 0.3 percent increase, trading at $4,725. This news comes from Reuters.
Kyle Rodda, a senior financial market analyst at Capital.com, told the British news agency that investors remain optimistic about a US-Iran peace deal despite renewed fears of conflict. The Trump administration has stated that the ceasefire is effective and optimism regarding an agreement between the US and Iran continues. This news is currently encouraging investment in the gold market.
According to a Reuters report, gold prices have fallen by more than 10 percent since the war began in late February, with rising oil prices playing a significant role in this decline. An increase in crude oil prices can heighten inflationary pressure, thereby increasing the likelihood of interest rate hikes. While gold is considered a safe haven against inflation, high interest rates typically exert pressure on this non-yielding asset.
Kyle Rodda further stated that everyone is now eagerly awaiting to see whether the United States and Iran are nearing any understanding. Market prices are expected to fluctuate over the next 24 hours.
Alongside gold, the prices of other precious metals also rose in the global market on Friday. Silver prices increased by 1.8 percent, reaching $79.85 per ounce. Platinum saw a 1.6 percent rise to $2,054.22, and palladium’s price climbed by 1.8 percent to $1,508.16.
Meanwhile, in the local market, 22-carat gold is currently trading at BDT 2,44,711 per bhori (11.664 grams). Additionally, 21-carat gold is being sold at BDT 2,33,572 per bhori, 18-carat gold at BDT 2,00,213 per bhori, and traditional method gold at BDT 1,63,063 per bhori.
Source: Reuters.