Gold prices surged in the global market on Friday (September 25) amid rising US Treasury yields and growing expectations of further interest rate hikes by the Federal Reserve.
Spot gold rose 0.6% to $4,304.71 an ounce at 4:43PM (BD time), while US gold futures gained 1% to $4,340 an ounce.
Nikos Zaboras, senior market analyst at Trado.com, told Reuters that easing oil prices amid hopes of a US-Iran deal provided some relief to the gold market. However, higher interest rates and bond yields are increasing the opportunity cost of holding gold.
The Fed raised its policy rate by 0.25 percentage points last week and signalled further hikes. According to the CME FedWatch tool, traders were pricing in a 71% chance of a rate hike in October and a 95% chance in December.
Meanwhile, silver rose 1.6% to $64.90 an ounce and platinum gained 1.1% to $1,767.55. Palladium fell 0.7% to $1,265.03.
In Bangladesh, 22-carat gold is currently priced at Tk 234,621 per bhori, including VAT. The prices of 21-carat and 18-carat gold stand at Tk 224,065 and Tk 192,398 per bhori respectively.
-AH