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Gold prices fell again in the global market on Saturday as a stronger US dollar and higher bond yields weighed on demand for the precious metal.
Spot gold fell 0.9 per cent to $4,140 an ounce, according to market data available Saturday night. The metal has lost around 3.5 per cent over the past week. US gold futures also declined 1 per cent to $4,162 an ounce.
Market analyst Han Tan told Reuters that investors were reluctant to place excessive bets on gold as the US Federal Reserve remained committed to a tight monetary policy.
He said the outlook for gold would depend largely on how the Fed balances persistent inflation pressures with signs of weakness in the labour market.
Gold prices have fallen more than 20 per cent since the Iran-US-Israel conflict began earlier this year, amid concerns over inflation and higher interest rates, according to the report.
Other precious metals also came under pressure, with silver, platinum and palladium prices declining and the broader precious-metals market heading for weekly losses.
The decline in global prices has also affected Bangladesh’s gold market. The price of 22-carat gold currently stands at Tk 230,772 per bhori in the local market.
Meanwhile, 21-carat gold is selling at Tk 220,391 per bhori, 18-carat gold at Tk 189,248 and traditional-method gold at Tk 154,256 per bhori.
