Gold prices jump over 1% globally

Gold prices rose by more than 1% on Friday as falling oil prices and a weaker US dollar boosted demand for the precious metal.

Spot gold climbed 1.4% to $4,189.99 an ounce at 2:42pm Bangladesh time, while US gold futures for December delivery also gained 1.4% to $4,215.30 an ounce.

Oil prices fell on Friday amid easing concerns over potential disruptions to energy supplies from the Middle East. US President Donald Trump said Washington would not launch an attack on Iran before next month’s US midterm elections, bringing some relief to global energy markets.

Nikos Tzabouras, senior market analyst, told Reuters that expectations of the Federal Reserve keeping interest rates unchanged this month had increased, putting pressure on the dollar and pushing Treasury yields lower.

These factors created favourable conditions for gold prices to rise, he said.

Among other precious metals, spot silver gained 1.7% to $60.36 an ounce. Platinum rose 3.4% to $1,690.49 an ounce, while palladium jumped 3.7% to $1,162.18 an ounce.

In Bangladesh, the price of 22-carat gold, including VAT, stood at Tk 231,279 per bhori (11.664 grams). The price of 21-carat gold was Tk 220,916 per bhori, while 18-carat gold was priced at Tk 189,714. Gold sold under the traditional method was priced at Tk 154,956 per bhori.