The value of the dollar has fallen because of the U.S. Treasury’s bond-buyback support plan, driving a rally in the gold market. International gold prices have reached their highest level in more than three months.
Spot gold prices rose 2.4 percent to $4,623.94 an ounce. U.S. gold futures also gained an equal 2.4 percent, climbing to $4,680.60.
Gold prices have risen more than 5 percent so far this week. Bart Melek, global head of commodity strategy at TD Securities, told Reuters news agency: “If this momentum continues, the next target will be $4,700. I think the fall in the U.S. dollar has also played a major role behind this [rally in gold prices].”
Among other precious metals, silver rose 2.3 percent to $69.62 an ounce, platinum gained 2.8 percent to $1,878.58, and palladium rose 0.8 percent to $1,344.96.
Meanwhile, in the domestic market, 22-karat gold, including VAT, is now priced at 246,110 taka per bhori (11.664 grams). Separately, 21-karat gold is priced at 235,030 taka per bhori, 18-karat at 201,846 taka per bhori, and traditional-method gold at 164,812 taka per bhori.
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