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Global gold prices rose again on Thursday (September 10) due to the depreciation of the US dollar. Meanwhile, investors are closely watching the upcoming US inflation data, which will shape the Federal Reserve’s future interest rate trajectory and provide new direction for the gold market.
According to a Reuters report, spot gold prices rose by 0.3 percent to $4,414.28 per ounce at 4:19 PM Greenwich Mean Time (GMT) on Thursday. Conversely, US gold futures for December delivery slightly decreased to $4,457.20 per ounce.
Market analysts suggest that all eyes are now on the new US inflation statistics. This data could influence the Fed to either cut or maintain interest rates, which would consequently impact the gold market.
Meanwhile, gold prices in the domestic market have been reduced again. This time, the price of good quality or 22-carat gold has been lowered by BDT 1,108 per bhori. Including VAT, the price of this quality gold per bhori is now BDT 2,34,038. Previously, on September 6, the price of the same quality gold was reduced by BDT 2,216 per bhori. In total, the price has decreased by BDT 3,324 in two phases. The new prices became effective from 10:00 AM on Wednesday.
According to the new rates, including VAT, 21-carat gold is set at BDT 2,23,541 per bhori, 18-carat at BDT 1,91,931 per bhori, and traditional method gold at BDT 1,56,822 per bhori. However, silver prices remain unchanged.