Gold prices have reached a new record high in global markets, driven by a weakening US dollar following the Democratic Party's victory over President Donald Trump's Republican Party in the midterm elections. According to a Reuters report, spot gold rose 0.7 percent to $4,094.43 per ounce today, as lower global fuel prices also influenced the bullion market.
Gold Market Trends
Gold prices had already climbed nearly 5 percent last week. On November 5, the international price briefly touched $4,146.63 per ounce, marking the highest level since October 20. However, the market saw a slight correction last Friday after US employment data came in better than expected, affecting the dollar's value and supply dynamics.Domestic Currency Market
Meanwhile, trading continued in the domestic currency market on Tuesday, the third working day of the week. Foreign exchange rates have been volatile for months due to the Middle East crisis and other factors. According to data published by Bangladesh Bank, the dollar rate rose slightly today, with the average market rate at Tk 124.42.The central bank's data shows that most major currencies, including the euro, pound, yuan, Australian dollar, and Singapore dollar, appreciated against the taka. The Indian rupee and Japanese yen remained unchanged. Sources indicate that market rates are slightly higher than the central bank's published rates.
Analysts suggest that the global dollar weakness and geopolitical risks are keeping gold prices elevated. Domestically, the foreign exchange market is expected to remain stable depending on remittance inflows and export earnings.