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Gold Prices Surge to Two-Week High, Reasons Revealed
Rtv News
03 Jan 2025, 19:50
Photo: Collected
Gold prices have climbed to their highest levels in two weeks, with spot gold rising 1% on Thursday, January 2, to $2,649.73 per ounce, the highest since December 18. US gold futures also advanced by 0.8% to $2,663.20 per ounce, according to reports from Khaleej Times.
Market experts attribute this rally to heightened demand for gold as a safe-haven investment amid declining US Treasury bond prices. The Federal Reserve's dovish stance on interest rates and concerns surrounding new tariff policies under President Donald Trump's administration have further supported the upward momentum.
The falling value of US 10-year Treasury bonds has enhanced gold’s appeal to investors, as gold, unlike bonds, does not yield interest income.
Economic uncertainties and geopolitical tensions have also played a significant role in driving demand for the precious metal. In 2024, factors such as central bank gold purchases, reduced interest rates, and global tensions fueled a 27% annual surge in gold prices, reaching record highs.
Analysts predict that, after early-year profit-taking, gold prices will continue their upward trajectory, potentially reaching $3,000 per ounce by 2025.
Other precious metals have also experienced gains. Silver prices jumped 2.1% to $29.48 per ounce, while platinum and palladium rose 2.1% and 1.3%, trading at $922.85 and $922.40 per ounce, respectively.
The ongoing trend underscores the growing appeal of precious metals as reliable assets during times of financial and political uncertainty.
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Trade Fair in January: How to Get Tickets
The 29th Dhaka International Trade Fair (DITF) will commence on January 1, 2025, and run throughout the month. For the first time, tickets for the event will be available online.
The fair will be held at the Bangabandhu Bangladesh-China Friendship Exhibition Center (BBCFEC) in Purbachal, Dhaka.
Bibek Sarkar, Secretary of the Export Promotion Bureau (EPB) and Director of the Trade Fair, confirmed this information to the media.
Key Highlights of the Fair:
The fair will be inaugurated by Dr. Muhammad Yunus, the Chief Advisor of the interim government at 10 am on January 1.
This year's theme highlights the sacrifices made during the July-August mass uprising, with special memorial corners named after Shaheed Abu Sayeed and Shaheed Mir Mugdha.
A Youth Pavilion will focus on engaging the younger generation, and a dedicated area for senior citizens will ensure comfortable seating for elderly visitors.
Facilities for Women Entrepreneurs:
Stalls will be allocated to women entrepreneurs at a lower cost, enabling them to sell products at affordable prices.
Fair Design and Features:
The entrance will showcase a theme inspired by the July-August mass uprising, while the fairground will highlight the EPB’s activities and various financial sectors.
Online Ticketing System:
For the first time, visitors can purchase tickets online through an app, allowing entry by scanning a QR code on their phones.
Tickets will still be available at physical counters, including BRTC bus counters.
Ticket Pricing:
Entry fees remain unchanged
Adults: 50 BDT
Children: 25 BDT
Transportation and Parking:
A dedicated BRTC bus service will operate from Kuril Flyover to the fairground daily from 8 am to 10 pm.
Ample parking facilities will be available to minimize visitor inconvenience.
Security Measures:
The fair will be secured by members of the police, RAB, and the army, with mobile courts also in operation.
International Participation:
Companies from countries like India, Pakistan, Iran, Turkey, Malaysia, Indonesia, Hong Kong, and Singapore are expected to participate, with a total of 350 stalls.
Preparations for the event are nearly complete, with about 80% of the work finished, according to Bibek Sarkar.
Notably, the 29th edition of the upcoming trade fair will include 350 stalls and participation from various organizations from India, Pakistan, Iran, Turkey, Malaysia, Indonesia, Hong Kong, and Singapore.
For this year's event, members of the police, RAB, and armed forces will be engaged in ensuring overall security. Additionally, mobile courts will also be in operation.
Moreover, the fair center will feature extensive parking facilities to ensure visitors face no inconvenience.
Govt Hikes Soyabean Oil Price by Tk8
The government has raised the price of soybean oil. However, the reason behind this price hike has not been clarified. As in previous instances, the shortage of oil has been cited as the cause for the increase.
On Monday (December 9), a meeting with traders was held to decide on the pricing of edible oil, according to Trade Advisor Sheikh Bashiruddin. He stated that the new prices would come into effect from today.
The advisor announced that the price of bottled soybean oil has been raised by 8 BDT per liter, making it 175 BDT per liter. Meanwhile, the price of loose soybean oil has been increased by 8 BDT per liter, setting it at 157 BDT per liter.
Bottled Soybean Oil Back to Market After Price Hike
"For the past few days, shopkeepers kept saying the same thing—bottled soybean oil has been unavailable. However, if it was found in rare places, it was claimed a high price. However, today (December 10), I see a completely different scenario in the market. Every shop has plenty of oil. That means whatever happened till now was nothing but a scheme by the syndicate to hold people hostage," said Mansura Hossain, a private-sector employee while shopping for daily essentials in Karwan Bazar.
Expressing her frustration, Mansura said, "Prices of essential commodities are often raised under the pretext of shortages, causing hardships for ordinary people like us. We are forced to buy at higher prices."
Al-Amin, a CNG driver, said, "Yesterday morning I returned empty-handed because there was no 1-liter bottled soybean oil. But today, bottled soybean oil is available everywhere. Does this make any sense? Are they free to do whatever they want without any accountability?"
The CNG driver further alleged, "If there was a shortage, then where did all this oil suddenly come from? Or are the traders orchestrating this to hike the prices? The government should investigate the real reason behind this."
On Tuesday morning (December 10), a visit to the capital's Karwan Bazar area revealed shelves overflowing with bottled soybean oil. However, as the new price-adjusted oil had not yet arrived, consumers were still able to buy at the previous rates.
Speaking to several retailers, the reporter stated that after the announcement of the price hike, dealers increased the supply of oil in the market. However, oil at the new price has not yet been supplied in the market. As a result, consumers are buying 1-liter bottled soybean oil for 167 BDT and a 5-liter bottle for 818 BDT.
Retailers also mentioned that from Wednesday (December 11), the new oil will arrive in the market and will be sold at 175 BDT per liter.
Earlier, on Monday (December 9), Trade Advisor Sheikh Bashir Uddin announced an increase in the price of both bottled and loose soybean oil per liter an 8 BDT.
He said the price of bottled soybean oil has been set at 175 BDT per liter, while loose soybean oil is priced at 157 BDT per liter.
Citing the increase in prices on the international market, the advisor added, "The primary reason for the price hike is the supply shortage of edible oil globally."
Indian Rupee Hits Record Low
The Indian rupee has fallen to its lowest value ever against the US dollar. On Tuesday (December 10), the rupee reached an all-time low of 84.85 against the dollar.
According to a report by Reuters, the decline of the rupee against the US dollar continues. On Tuesday, the rupee hit its historic low, with the exchange rate dropping to 84.85 rupees per dollar.
Simultaneously, the yield on the 10-year government bond fell by 2 basis points to 6.6954%.
Earlier, on December 4, the rupee had dropped to 84.75 against the dollar. This new dip surpassed that level, setting the exchange rate at 84.85 rupees per dollar.
The situation has been attributed to heightened expectations of an interest rate cut following the announcement of Sanjay Malhotra as the new governor of the Reserve Bank of India (RBI). Malhotra will assume office on Wednesday (December 11), succeeding outgoing governor Shaktikanta Das, whose six-year term ended on Tuesday.
Vegetable Prices Begin to Drop
Vegetable prices in the capital markets have started to drop. Traders say the markets are now filled with winter vegetables, bringing some relief in prices. While some vegetables are still being sold at Tk80 to 150 per kg, most are now priced between Tk50 and 60. Although winter vegetables are expected to be more cheaper during this season, the low market prices of vegetables are offering some respite.
A visit to several markets in Kawran Bazar, Agargaon, Shyamoli, and Kallyanpur on Friday (December 13) revealed this scenario.
Traders noted that within a few days, more winter vegetables would arrive in the markets, likely reducing prices further.
In Kawran Bazar, new potatoes are selling at Tk100 per kg, tomatoes at Tk120, green chilies at Tk100, hyacinth beans with seeds at Tk100, bitter gourds at Tk100, cucumbers at Tk80, carrots at Tk80, radishes at Tk30, and spring onions at Tk80 per kg.
Other vegetables include string beans at Tk100 per kg, round eggplants at Tk80, long eggplants at Tk60, medium-sized cauliflowers at Tk50 per piece, cabbages at Tk50 per piece, papayas at Tk50 per kg, lady's finger at Tk80, pumpkins at Tk40 per kg, regular hyacinth beans at Tk50, turnips at Tk50, and onion flowers at Tk30 per bundle.
According to vegetable vendor Zakir, prices have not decreased as much as expected. "In previous years, vegetable prices used to drop to Tk30 to 40 per kg, but this year they haven't. However, prices are lower than before," he said.
Shahin, a shopper from Farmgate, remarked "Tomatoes are still around Tk150 per kg. Cucumbers and carrots are also expensive. Where is the price reduction?"
Homemaker Fatema Akter commented, "While some vegetables are cheaper, many are still overpriced. Only if vegetables were priced at Tk30 to 40 per kg could we truly say prices have dropped."
Meanwhile, in Kawran Bazar's wholesale market, local onions are selling for Tk70 to 120 per kg, and Indian onions for Tk70 to 80. Pabna's local onions are being sold for Tk120 per kg. Additionally, Chinese ginger is priced at Tk160, Chinese garlic at Tk210 to 220, fresh ginger at Tk100 to 110, and garlic from Natore at Tk230 to 240 per kg. An analysis of the market over the past few months shows a slight decrease in wholesale ginger prices, while garlic prices remain mostly unchanged.
In terms of meat, beef is selling at Tk750 per kg, and goat meat at Tk1,100 per kg. Farm chickens are being sold at Tk180, Pakistani chickens at Tk310 taka, and local chickens at Tk520 per kg.
Chicken vendor Kalam noted that poultry prices have risen slightly, selling for Tk190 per kg, an increase of Tk10 in just two days. Meat prices in other markets are almost the same. Eggs are being sold at Tk145 to 150 per dozen.
468 Tons of Potatoes Imported from India through Benapole
A shipment of 468 metric tons of potatoes has been imported from India.
The consignment arrived at the Benapole Landport Railway Station in Jessore on a freight train on Thursday evening (December 12).
The shipment is scheduled to be unloaded on Saturday (December 14).
Nazmul Arefin Jony, a representative of C&F agent Alam & Sons at the land port, said necessary documents will be submitted to Benapole Customs House on Saturday for customs clearance.
After completing customs and railway station procedures, the shipment will be unloaded either at the Benapole port or Noapara. From Noapara, the potatoes will be distributed to various parts of the country, including Dhaka and Chattogram.
Benapole station master Saiduzzaman informed the media that the potatoes were imported by Tata Traders, an importing firm based in Chapainawabganj, Rajshahi. The consignment was exported by Atif Export, an exporter from Malda, India. A total of 9,460 bags of potatoes, weighing 468,000 kilograms were imported on a single train. The import value of the shipment is USD 1,007,640.
IMF Lowers Bangladesh's Growth Forecast to 3.8%, Inflation to Hit 11%
The International Monetary Fund (IMF) has revised its economic growth forecast for Bangladesh to 3.8% for the fiscal year 2024-25, while projecting an average inflation rate of approximately 11%.
The donor organization made this announcement in a statement on Wednesday. Previously, in October, the IMF had predicted a 4.5% growth rate for the same period.
The statement attributed the reduced growth projection to public unrest, floods, and strict policy measures, estimating that real GDP growth for 2024-25 will decline to 3.8%. However, the IMF expects growth to rebound to 6.7% in the following fiscal year.
Regarding inflation, the IMF stated that the average rate is likely to remain around 11% during 2024-25. However, it anticipates inflation will drop to 5% in 2025-26, driven by stricter policies and easing supply pressures.
The World Bank's forecast for Bangladesh's GDP growth remains higher than the IMF’s latest projection.
In October, the World Bank projected 4% growth for 2024-25, though this was a reduction from its earlier forecast of 5.7% in April, citing recent political instability in Bangladesh.
Both forecasts suggest that economic growth for Bangladesh in 2024-25 will be the lowest since the 2019-20 fiscal year, which was impacted by the COVID-19 pandemic.
