Amidst the instability in the international market, the price of gold in the global market is showing a big upward trend. In the meantime, the price of gold per ounce has increased above $70. The price of gold in the domestic market may also increase at any time if the price increases in the global market.
According to the concerned persons in the industry, the Strait of Hormuz is one of the most important routes for global energy transport. There was already concern in the global market due to the fear of this strait being closed. However, the situation has stabilized somewhat after the announcement of the opening of the strait. Due to this, investors have turned to investment again. They are increasing their investment in safe assets like gold, and that’s why the price is increasing.
At the time of writing this report, the price of gold per ounce had increased by $79.30 at 9:50 am on Friday to reach 4,867.82 points. Earlier, when the war in the Middle East started, there was a lot of instability in the price of gold. When there was a sign of war, the price of gold fell and when there was a sign of a ceasefire, the price of gold escalated.
Due to the instability in the price of gold in the world market, there was a huge instability in the price of gold in the local market. Recently, there have been several instances of increasing or decreasing the price of gold in the domestic market. The latest is that on April 15, the new price of the best quality or 22-carat gold per bhori was increased by 2,216 taka to 250,193 taka. A 21-carat gold bhori was increased by 2,099 taka to 238,820 taka.
In addition, a 18-carat gold bhori was increased by 1,808 taka to 24,703 taka. And the price of gold in the traditional method was increased by 1,448 taka to 166,737 taka. Currently, gold is being sold in the local market at this price.
The Bangladesh Jeweller's Association (BAJUS) can announce a price increase in the domestic market at any time if the prices of gold increases like this in the world market.
A member of BAJUS said that the price of gold in the world market has been increasing since Iran announced the opening of the Strait of Hormuz. The price of gold in the domestic market will also increase at the same rate as the price of gold is increasing. So, there will be no option but to increase the price.
Meanwhile, the price of gold has increased significantly after the announcement of the opening of the Strait of Hormuz, while the price of oil has also decreased significantly. After the announcement of the Iranian Foreign Minister about the opening of the Strait of Hormuz, the price of Brent crude oil in the international market fell to $ 88 per barrel on Friday, although its price was above $ 98 at the beginning of the day.
Similarly, the price of 'Nymex Light Sweet Crude', known as the benchmark for US oil, has also decreased significantly. Before the conflict, the price of Brent crude oil was below $ 70 per barrel. It exceeded $ 100 in early March and reached a maximum of $ 119 by the end of the month.
Meanwhile, the news of the opening of the Strait of Hormuz also saw positive trends in European and US stock markets. Both the CAC in Paris and the DAX in Frankfurt rose more than 2 percent. The FTSE index in London also saw a slight increase.
Bd-pratidin English/Lutful Hoque
