Gold price all set to hit another record

Gold prices are set to reach a new level tomorrow as the Bangladesh Jewellers Association (Bajus) hiked the rate for the third consecutive day.

The association said the rate of pure gold has increased in the local market, and gold will be sold at Tk 226,282 per bhori from tomorrow, up from Tk 222,082 per bhori (11.664 grammes) that prevailed today.

Bajus made the announcement after the price of the popular metal jumped more than 2 percent to a record high on Monday, powered by safe-haven flows as US-Venezuela tensions flared, while silver also touched an all-time peak, according to a Reuters report.

Spot gold was up 2.2 percent at $4,434.26 per ounce by 1:54 p.m. ET (1854 GMT), after hitting an all-time high of $4,441.92 earlier.

US gold futures for February delivery settled 1.9 percent higher at $4,469.40 per ounce, the report said.

Locally, the price of the metal has been increasing since December 11. Since then, it has risen 6.66 percent, or over Tk 14,000 per bhori, breaking previous records.