Gold prices fell more than 2 percent in the global market after a strong US employment report strengthened the likelihood of the country's central bank raising interest rates.
At 7:01 pm Bangladesh time on Friday, gold prices in the spot market fell 2.2 percent to $4,376.4 per ounce. At the same time, December US gold futures fell 2.4 percent to $4,428.80.
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According to market analysts, the strong position of the US labor market has increased the likelihood of the Federal Reserve raising interest rates. If interest rates rise, gold's appeal as a non-interest-bearing asset is expected to decline, putting pressure on its price.
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Meanwhile, prices of other precious metals also fell. Silver prices fell 3 percent, platinum 2 percent, and palladium 1.7 percent.
Currently, the price of 22-carat gold per vori has been fixed at Tk 237,362 in the domestic market.
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