Gold prices soar amid global uncertainty
Photo: Collected
Gold prices rose sharply on Wednesday, climbing more than 2 to 3 percent in a single day and reaching their highest level in over a week amid global economic uncertainty and geopolitical developments.
Spot gold traded between $4,647 and $4,703 per ounce, while US gold futures for June delivery moved between $4,658 and $4,714, reflecting strong bullish momentum in the market.
Analysts said the surge was mainly driven by a weaker US dollar and easing geopolitical tensions, particularly signs of possible progress in talks between the United States and Iran.
Investor confidence improved after reports suggested progress toward a potential US-Iran understanding and after President Donald Trump reportedly paused military operations related to securing shipping routes through the Strait of Hormuz.
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Lower crude oil prices also supported gold demand, as easing energy costs may reduce inflation pressure and increase expectations of lower interest rates by central banks.
Market experts said weaker bond yields and a softer dollar have strengthened gold’s appeal as a safe-haven asset, while other precious metals such as silver, platinum, and palladium also posted notable gains.
In Bangladesh, the price of 22-carat gold has been set at Tk 242,495 per bhori (11.664 grams), reflecting the impact of rising international prices on the local market.
