Gold Prices Suddenly Volatile, Reason Revealed

Rtv News

Publish : 29 Nov 2024, 06:49 PM

Photo: Collected

There has been a sudden surge in the price of gold in the global market. Accordingly, the price of this precious metal can increase at any time in the domestic market.

On Friday (November 29), at around 5:15 pm, the price of gold per ounce was at $2,662.02 in the spot market. The price has increased by $21.18 per ounce or 0.79 percent in a day.

Analysts claim that the new devastating Russian missile attack in the Russia-Ukraine war and the allegations of ceasefire violations between the Israeli armed forces and the Iran-backed Hezbollah have caused uncertainty among investors. Investors are choosing gold as a safe investment. Livemint reports.

Jatin Trivedi, VP Research Analyst at LKP Securities, said, 'There was significant volatility in the price of gold on Friday. Although the precious metal was initially low, the renewed tension in the Russia-Ukraine conflict has increased demand for gold as a safe-haven investment. Currently, immediate support is at $2,662 (a support level is a price at which demand for the metal is so strong that it resists a decline) and resistance is at $2,655 to $2,665. If the resistance is broken, the price of gold can reach $2,690. And if it falls below $2,620, the price can deteriorate to $2,580.'

Anuj Gupta, Head of Commodity and Currency, HDFC Securities, said regarding the Israel-Hezbollah ceasefire violation, 'The demand for gold has increased again due to the allegations of ceasefire violations between Israel and Hezbollah along with the Russia-Ukraine war. Investors are currently looking at gold as a safe alternative.'

Meanwhile, the Bangladesh Jewellers Association (BAJUS) increased the price of gold on Wednesday (November 27) evening and set a new price. According to the new price, the price of 22-carat gold will be Tk138,708. 21-carat gold will be Tk132,398 per bhori. 18-carat gold will be Tk113,491 per bhori. The price of gold per bhori according to the traditional method is Tk93,160.

The decision to increase or decrease the price of gold on behalf of BAJUS was taken by the BAJUS Standing Committee on Pricing and Price Monitoring Committee. A member of this committee said, 'The decision to increase or decrease the price of my gold is taken based on the international market as well as the local market. If the price of mature gold increases in the local market, it is natural to decide to increase the price. On the other hand, if the price of mature gold decreases, the decision to reduce the price is taken. The global market price picture affects the price of pure gold.'

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