On Friday, October 18, the price of gold reached a significant of $2,700 for the first time. Concerns over the US elections and the ongoing tensions in the Middle East have led to a surge in demand for gold as a safe investment. Due to heatless money, gold prices are rising concurrently. The price in the domestic market may potentially rise as a result of the global market.
The gold prices in Dubai, United Arab Emirates, on Thursday, October 17, crashed all previous records in the international market. Data from the Dubai Jewellery Group shows that the price of 24 carat gold increased to 324.25 dirhams per ounce on Thursday at market opening, from 323.75 dirhams at market closure on Wednesday.
According to a story published in the Khalese Times, around 6:20 a.m., the Emirate’s spot gold prices surged to $2,711 per ounce, or zero decimal fifty percent. In the US market, the same amount went up to $2,722 per ounce.
According to the research, the US elections, the Federal Reserve’s interest rate decrease, and the tensions in the Middle East are to blame for the current spike in the price of gold on the global market.
Due to related sources, the global trend of gold purchases is declining as a result of the Federal Reserve’s rising interest rates. The rate at which prices are rising on the world market is subject to change at any time. Additionally, the country’s market is impacted when prices rise on the international market. As a result, prices on the national market can change at any time.
Bangladesh Jewellers Association (Bazus) sets the price of gold on the national market. On September 28, he coordinated the price of gold on the national market. A 22-carat gold piece was originally priced at 1,37,449 taka, but the organisation has lowered that to 1,259 taka.
In addition, the price of gold was established at Tk 92,286 using the traditional technique, and the rates were 21 carats per mass of 131,177 taka and 18 carats per mass of 12,453 taka per 12,453. It went into effect on September 29.
Keep in mind that the country’s gold market has seen 42 price hikes so far this year. Of them, there have been 25 price increases and 17 price decreases. Additionally, the price was changed to 29 times in 2023.
Source: Channel 24
