The price of gold is increasing by leaps and bounds in the international market. On Monday (March 4) the price of the safe haven metal rose again. It has risen to the highest level in the last 3 months. This information has been revealed in a report by the news agency Reuters.
It is said that the US economy has become flexible. As a result, the country’s central bank, the Federal Reserve (Fed), is likely to cut interest rates next June. In terms of the US currency the value of the dollar has decreased. The bullion market is strong for good reason.
However, the global benchmark gold prices fell marginally in the spot market during the day under discussion. The price settled at $2,081 34 cents per ounce. But it is still at its highest peak in the last 2 months. Benchmark US gold futures were also marginally lower on the same business day. The price settled at $2,090 10 cents an ounce. But after December 28, it is almost the highest.
Edward Mayer, an analyst at Marex, a world-renowned financial institution, said the Fed may cut interest rates in the middle of this year. The dollar is depreciating in anticipation of that. As a result, the price of gold is increasing. Just last week, the price of an ounce fell by 50 dollars. In Bangladeshi currency which is about 5 and a half thousand taka. In the last 2 days it has gone up a lot. Which amounts to about 40 dollars.
Because manufacturing and construction costs have fallen in the United States. As a result, inflation in the world’s largest economy is believed to have moderated. As a result, the Fed is expected to cut interest rates next June. Naturally, the attractiveness of gold to investors has increased. In addition, major central banks around the world have increased their purchases of the precious metal. All in all, the price of gold is increasing
