After a brief dip, gold prices have surged to their highest levels in the past three weeks. On Thursday (November 13), gold in the U.S. spot market rose 0.4% to reach $4,215.87 per ounce, marking the highest level since October 21. (1 ounce ≈ 2.43 bhori)
In the futures market for December delivery, gold prices increased 0.2% to $4,219.90 per ounce, according to a report by Reuters.
Other precious metals also saw gains in global markets. Silver rose 1.4% to $54.15 per ounce, its highest since October 17, while platinum increased 0.1% to $1,616.29 per ounce, and palladium gained 0.9% to $1,487.50 per ounce.
Domestic Market Prices
In Bangladesh, the current retail price of 22-carat gold stands at Tk 208,471 per bhori, while 21-carat gold is priced at Tk 199,000 per bhori, 18-carat at Tk 170,563, and traditional gold at Tk 141,858 per bhori.
For silver, 22-carat silver is being sold at Tk 4,246 per bhori, 21-carat at Tk 4,047, 18-carat at Tk 3,476, and traditional silver at Tk 2,601 per bhori.
Market Drivers
Analysts attribute the rise in gold prices to renewed investor demand following the resolution of the U.S. government shutdown and expectations that the Federal Reserve may lower interest rates soon.
ANZ Bank analysts noted that fears of delayed economic data release due to the shutdown have also contributed to higher gold prices. “Rising central bank demand, economic uncertainty, and limited investment alternatives are likely to boost both retail and strategic demand for gold,” they said.
The U.S. government shutdown, which began on October 1, ended on Wednesday (November 12) after President Donald Trump signed a bill to reopen the government. The shutdown had stalled the release of key economic indicators, including labor market, inflation, and income-expenditure data.
Economists stress the importance of quickly releasing these reports so the Federal Reserve can make informed decisions at its December policy meeting. According to a Reuters survey, 80% of economists expect the Fed to cut interest rates by 25 basis points next month to address weak labor market data.
Analysts say gold remains a safe-haven asset in a low-interest, uncertain economic environment. Over the past year, geopolitical tensions and expectations of Fed rate cuts have pushed gold prices up by nearly 60%, with the metal reaching an all-time high of $4,381.21 per ounce on October 20. Source: Reuters
