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Gold Climbs to Record Highs in World Market
Rtv News
30 Oct 2024, 11:00
Photo: AI Image
Gold hit a new all-time high (ATH) of $2,777, breaking all previous records in the world market. For the first time in the world market, the price of one ounce of gold exceeded 2,777 dollars.
On Wednesday (October 30) until 9:30 am, the price of one ounce of gold in the spot market was 2,777.78 dollars.
Traders are turning to gold as a safe-haven investment amid the Middle East conflict, volatility in the labor market, the Ukraine war, and rising odds for a Trump victory in US elections. Due to these reasons, the price of gold in the world market is on an upward trend, according to Reuters.
Bank of America, one of the leading investors in the world's financial sector, considers gold to be the most ideal investment at the moment. Michael Widmer, an expert from Bank of America recently said, "Gold is ideal for investment in the current situation. Gold is best suited to mitigate investor risk at the moment, especially as inflation and government debt continue to rise.
Predicting the continuation of the rising trend of gold prices, Bank of America said that the price of gold will rise to three thousand dollars per ounce by the first half of 2025.
Meanwhile, to deal with the inflation situation, the central banks are more inclined to buy gold to maintain the value of their currency, according to various international media. Currently, 10 percent of the world's central banks' reserves are gold. Which is just 3 percent of their total reserves even a decade ago.
From June this year, gold prices started to increase at an unusual rate. Last June 7, the price of gold per ounce was 2,293 dollars. After that, the price increased gradually, on October 18, the price of gold per ounce was 2,700 dollars for the first time in the world market. In less than a week, the price of gold per ounce increased to $2,750.
If the price increases in the world market, it affects the country's market as well. So the price can be adjusted in the country's market as well at any time.
Bangladesh Jewellers Association (BAJUS) determines the price of gold in the country's market. As such, Bajus last adjusted the price of gold in the country's market on October 22. The organization fixed the price of 22-carat gold at Tk1,41,951 after increasing the price by Tk1,890.
Besides, the price of gold was fixed at Tk1,35,501 per bhori of 21-carat, Tk1,16,138 per bhori of 18-carat, and Tk95,423 per bhori of traditional method gold. It came into effect on October 23 last.
It should be noted that the price of gold has been adjusted 44 times in the country's market so far this year. Among them, the price was increased 27 times and decreased 17 times. In 2023, the price was adjusted 29 times.
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Fakhrul Opposes Banning Awami League, Warns of Democratic Risks
BNP Secretary General Mirza Fakhrul Islam Alamgir has opposed the idea of banning the Awami League from participating in the upcoming national election, despite describing the party as "politically bankrupt" and out of touch with the public, especially the youth. In an interview with UNB, Fakhrul argued that labeling the Awami League as a fascist party or barring it from elections would be detrimental to democratic norms.
He voiced concerns about the Awami League’s political future, pointing to its growing reliance on bureaucracy and state forces, which he claims has isolated the party from the public. Fakhrul emphasized that, while the party has been accused of undemocratic practices, banning any political organization, including the Awami League, would not solve the problem. He cited past failures, such as the banning of Jamaat-e-Islami, to support his point that such actions often lead to political re-emergence rather than resolution.
Referring to the proposal to amend the International Crimes (Tribunals) Act, 1973, which could ban political parties for up to a decade for crimes against humanity, Fakhrul warned against using legal measures to eliminate political actors. Instead, he advocated for allowing democratic processes to determine a party's fate.
Fakhrul also raised concerns over potential depoliticization efforts, drawing parallels to the events of 1/11, when local and international actors attempted to disrupt political stability in Bangladesh. He urged all political parties to remain vigilant and avoid actions that could undermine democracy, warning that similar plots might be underway once again.
In the wake of a student-led movement that played a significant role in toppling the Awami League, Fakhrul believes the party's growing disconnection from the people, especially the younger generation, will make it difficult to regain public trust. He stressed that the only path forward for any political party should be through fair competition and democratic practice, not through exclusion.
(Source: UNB)
All Pakistani Goods Removed from Red List: NBR
Following a request from Pakistan, goods imported from the country have been removed from the "Red List." On September 29, the National Board of Revenue (NBR) had categorized most goods imported from Pakistan as "Red Listed."
This information was revealed through an NBR order on Wednesday (October 2).
The order, signed by NBR's Second Secretary Md. Abdul Kaiyum, stated that all goods arriving from Pakistan have been removed from the "Red Lane" of the ASYCUDA World system. Previously, only goods from Pakistan were subject to the "Red Lane." The decision to remove them came after these goods passed the National Selectivity Criteria test.
The order further mentioned that while maintaining strict control over prohibited items like narcotics, the NBR is simplifying the import and clearance process for essential goods. This aims to ensure that there are no complications in importing raw materials for production-oriented goods. All consignments from Pakistan were being selected for 100% physical inspection under the National Selectivity Criteria, leading to delays for assistant or deputy commissioner-level officials. Since no significant issues were found during physical inspections, the order instructed Dhaka Customs House to exclude these consignments from the National Criteria.
It has been decided that all consignments from Pakistan will no longer be subject to the National Criteria. However, customs houses will still implement risk management for specific goods from Pakistan based on local criteria and risk considerations.
Earlier, on September 10, Pakistan's High Commissioner to Bangladesh, Syed Ahmed Maroof, met with Finance and Commerce Advisor Salehuddin Ahmed. The High Commissioner called for strengthening the weakened bilateral trade relations between the two countries. Salehuddin Ahmed noted that trade between the two nations had declined for various reasons over a long period, but Pakistan now seeks to resume trade.
It is noteworthy that after the Awami League came to power in 2009, trade activities between Pakistan and Bangladesh were limited. Following the fall of the Awami League government on August 5, 2024, due to public discontent, relations between the two countries began to normalize once again.
Online Income Tax Return Filing Number Exceeded 50,000
From this system, taxpayers can pay taxes through Internet banking, card payment (debit or credit card), and mobile banking and get the facility of downloading and printing copies of submitted returns, receipts, income tax certificates, and TIN certificates. You can also download and print the e-return filed for the previous year.
Spontaneous and motivated taxpayers have already used the e-return option on the National Board of Revenue (NBR) portal till October 2 due to its ease and convenience. As a result, the number of online income tax return filings has crossed 50,000.
NBR Director (Public Relations) Syed A Mu'men told the media that the e-return registration process has already been made more tax-payer-friendly. A biometric SIM registered with a taxpayer's national identity card is required for successful registration. To verify whether the number used by the taxpayer is biometrically registered or not, dial *16001#.
NBR Chairman Abdur Rahman Khan said that all transactions of NBR will be converted into digital form so that taxpayers can get fast and quality services. That is why our activities are ongoing.
He further said that NBR will work towards digital transformation in the coming months, e-return service center is a part of that.
NBR congratulates those taxpayers who have already successfully filed their income tax returns online. Besides, the organization has humbly requested other individual taxpayers to file income tax returns online using the portal on time.
Incidentally, the National Board of Revenue has set up a call center to assist taxpayers with any issues related to e-returns. Last September 12, taxpayers got immediate solutions to e-return-related queries by calling call center number 09643717171. Besides, taxpayers can report any problem related to e-return in writing and get solutions from the e-tax service option of www.etaxnbr.gov.bd.
Sajeeb Wazed Joy Hires U.S. Lobbyist for $200,000
Key Highlights:
Joy Hires U.S. Lobbyist: Sajeeb Wazed Joy hires a U.S. lobbyist for $200,000 to represent the Awami League
Six-Month Contract: The contract will focus on informing U.S. policymakers about Bangladesh’s situation
Lobbying in Politics: Both Awami League and BNP-Jamaat have used lobbyists to influence U.S. views on Bangladesh
Sajeeb Wazed Joy, son of former Prime Minister Sheikh Hasina, has hired a U.S. lobbyist for $200,000. The CEO of Wazed Incorporation, Joy signed a contract with Robert Stryk, Chairman of Stryk Global Diplomacy. The firm will represent the Awami League, presenting Bangladesh's recent situation to the U.S. executive and judicial branches. The contract is for six months.
Lobbyist contracts regarding Bangladesh are frequently discussed in the political arena. For over 15 years, Sheikh Hasina and other top Awami League leaders have accused the BNP-Jamaat alliance of hiring lobbyists to increase U.S. influence in Bangladesh's politics.
On August 5, Sheikh Hasina fled the country to India, with top Awami League leaders either in hiding or arrested. To address the situation, Sajeeb Wazed Joy, former ICT Advisor to the Prime Minister, hired a U.S. lobbyist. The contract with Stryk Global Diplomacy was published on the U.S. Department of Justice’s website.
Documents show that the firm will advocate for the Awami League and inform U.S. policymakers about the current situation in Bangladesh. The six-month contract, valued at $200,000, was signed on September 12.
In 2004, Sajeeb Wazed Joy first signed a contract with a lobbying firm called "Alcatel and Fa," which claimed that the BNP was promoting extremism and that the Awami League would counter it if in power. In 2019, the BNP signed contracts with several lobbying firms, including Bluelight Strategies, accusing the Awami League of undermining democracy.
Lobbyist firms in the U.S. play a key role in promoting markets, whether for tea, ready-made garments, or other products. The U.S. Department of Justice's website lists at least 376 lobbying files related to Bangladesh.
163 Villages Inundated in Sherpur, Mymensingh
Heavy rains and landslides caused flash floods in several parts of Sherpur and Mymensingh. At least 113 villages in Sherpur's Nalitabari, Sreebardi, and Jhenaigati upazilas and 50 villages in Mymensingh's Dhobaura were inundated. Bhogai and Chellakhali dams are breaking and water is overflowing.
The water level of both rivers started rising last Thursday evening. Garakanda and Nichpara areas of the municipality including Poragaon, Nayabil, Ramchandrakura, and Baghber Union were flooded during the night. Upazila Parishad Square, Sadar Bazar, and lower areas of 40 villages have been inundated in Jhenaigati.
On Friday, around 5,000 people were stranded due to an abnormal rise in the water in the Maharshi and Someswari rivers. About 2,000 people in 13 Rani Shimul and Singabaruna Union villages bordering Sreebardi Upazila of Sherpur have become waterlogged due to heavy rains and landslides. Many roads were submerged in torrential water and traffic was stopped. Aman paddy's fields are submerged.
Meanwhile, at least 50 villages of the upazila have been flooded due to heavy rains and landslides in Dhobaura of Mymensingh, breaking the Netai River dam.
Akhlaq Ul Jamil, Executive Engineer of the Water Development Board, said that due to heavy rains, the Netai River dam was damaged and several areas were flooded. If the rain subsides, the area's water level will likely recede in the next two days. Later the damaged dam will be rebuilt.
Dhobaura Upazila Executive Officer Nishat Sharmin said that the people's representatives of the areas where water has entered have been asked to arrange shelter in primary schools. Actions will be taken to help the victims after the inquiry.
Traffic Congestion in Dhaka / Wasting Around 82,00,000 Working Hours Daily
The traffic congestion in the capital city is wasting around 8.2 million working hours daily. Massive use of private vehicles is responsible for the lack of order on the roads and thus, people cannot enjoy the advantage of rising public transport.
Bangladesh Passenger Welfare Association Secretary General Mozammel Haque Chowdhury revealed this at a press conference at Dhaka Reporters Unity on Sunday (October 6) at 11 o'clock.
In his written speech, he said, "The citizens of the capital are stuck in a terrible traffic jam because of the lack of respect for the rules and regulations of the passengers. It takes more than 4 to 5 hours to go from one end of the city to another. 8.2 million working hours of working people are wasted every day in Dhaka's traffic jams. BUET's information says that the financial loss in this traffic jam is Tk50,000cr every year.
He said, "The capital's public transport system has been broken for ages. Buses and mini-buses operating in the city are discolored with no rear light indicators and front-looking glasses. Can't sit on the seat with two legs apart. The footrests and catch handles are broken, have to stand for long periods. During the hot summer days, the bus is drenched in sweat, and in the rainy season, the bus is still drenched in rain. There is no cleanliness in any buses. Buses are not available at the right time even after enduring the agony of getting on and off the dirty, infested, cockroach-infested buses."
Mozammel further said, 'In such a reality, the able-bodied are buying private cars by taking loans. Others have turned to motorcycle ride-sharing, auto-rickshaws, easy bikes, e-bikes, and smaller vehicles like ride-hailing. As a result, 4,00,000 pedal-powered rickshaws, 6,00,000 battery-powered rickshaws and easybikes, 1,34,000 small ride-sharing vehicles, 30,000 CNG-powered auto-rickshaws are moving freely in the city, along with chaotic buses, the traffic congestion and crowding of the city are increasing extremely. On the other hand, the traffic system to control these vehicles is still outdated. After the change of government, 4,000 traffic police in the city are still inactive. In this situation, modern engineering traffic control system needs to be introduced on an urgent basis to reduce traffic congestion."
"According to BRTA's information, an average of 800 small vehicles are coming down in the capital every day. According to a JICA survey, 60 percent of the daily average 40 million trip passengers travel in Dhaka metropolis use public transport. 67 percent of these passengers use buses only. However, the quality of passenger service of Dhaka City Bus has been lacking quality for the last 20 years. To reduce the traffic congestion in Dhaka, the bus-minibus system must be fixed first. The registration of small vehicles and the movement of these vehicles on the main roads of the city should be stopped," he further added.
Bangladesh Jatri Kalyan Samity has demanded to improve city services in Dhaka city by providing a bus route rationalization system with privileged lanes, removing small vehicles including rickshaws, and easy bikes from the main roads of the city, and scientifically controlling the traffic system.
No Security Threat During 'Durga Puja', Still We Are Cautious: IGP
The Inspector General of Police (IGP) Mainul Islam said that there is no security concern in the upcoming 'Durga Puja'.
He said this to reporters after visiting Dhakeshwari Temple in the capital on Monday (October 7) afternoon.
The IGP said that there is no fear of any terrorist attack during the puja. Law enforcement agencies are on high alert. There is no room for any kind of chaos and inactivity.
He also said that Ansar has been deployed in important Puja Mondops. They will be deployed in all puja Mondops from Tuesday. Other police patrols and striking forces will be deployed. Armed forces are deployed in all districts.
Moinul Islam said, there is no opportunity for inactivity anywhere. Cyber monitoring has been strengthened. 999 is always on. A special control room will monitor the security of the puja from across the country.
He said that control rooms have been launched in each upazila, district, and police headquarters. Action will be taken immediately if anyone wants to create disturbance anywhere, in any Pujamondop.
