Domestic gold prices hold firm despite sharp slide in global markets

Gold prices remained unchanged in the domestic market on Tuesday, even as international bullion prices fell sharply amid profit-taking and a stronger US dollar.

In global trade, spot gold dropped 0.8 per cent to $5,189.99 an ounce by 0125 GMT, snapping a four-session winning streak after touching a more than three-week high earlier in the session.

Bullion had surged 2.5 per cent in the previous trading session. US gold futures for April delivery were down 0.3 per cent at $5,210.40.

Analysts attributed the decline to investor profit-booking following the recent rally, coupled with upward pressure from a firmer dollar.

Meanwhile, renewed trade tensions added to market volatility. US President Donald Trump warned countries against withdrawing from trade agreements recently negotiated with the United States, cautioning that higher duties could be imposed under alternative trade laws after the Supreme Court struck down his emergency tariffs.

On monetary policy, Christopher Waller, Governor of the Federal Reserve, said he would support keeping interest rates unchanged at the March meeting if February's jobs data signalled that the labour market had regained stability following a weak 2025.

Other precious metals also saw mixed movements. Spot silver fell 1 per cent to $87.38 an ounce after hitting a more than two-week high on Monday. Platinum declined 0.7 per cent to $2,139.25, while palladium edged up 0.3 per cent to $1,748.12.

Despite the downturn in global markets, local gold jewellery prices remained steady. In the domestic market, 21-carat gold was trading at Tk 249,143 per bhori (11.664 grams), while 18-carat gold stood at Tk 213,568 per bhori. Gold produced under the traditional method was fixed at Tk 174,785 per bhori.

The last price adjustment was made on 21 February, when the Bangladesh Jewellers' Association (BAJUS) raised the price of 22-carat gold by Tk 3,266 per bhori to Tk 258,824. So far this year, gold prices have been revised 32 times in the domestic market - increased on 20 occasions and reduced 12 times.

Silver prices in the local market, however, remained unchanged.