International precious metal markets experienced a sharp contraction as a stronger US dollar and surging treasury bond yields diminished the appeal of safe-haven assets.According to a market report published by Reuters on Friday, spot gold fell 2.6 percent to settle at 4,527.80 dollars per ounce in New York trading, hitting its lowest level since May 5.
The commodity lost approximately 4 percent of its total valuation over the course of the week.Following these international updates, the Bangladesh Jewelers` Association officially slashed domestic retail rates.
Financial analysts at market research firm Marex noted that the combination of a robust US dollar index and climbing global yields acted as the primary drivers behind the liquidation. Concurrently, US gold futures for June delivery declined 3.2 percent to close at 4,535 dollars per ounce.
The downturn was not limited to gold, as spot silver crashed 8.7 percent to hit 76.26 dollars per ounce, marking its most severe single-day decline since March 3. Additionally, industrial palladium prices retreated 1.9 percent while platinum closed 4.1 percent lower for the week.
In response to the global downward trend, the Bangladesh Jewelers` Association (BAJUS) reduced the local price of gold by 2,216 Taka per bhari. Under the new pricing framework, premium 22-carat gold will retail at 242,495 Taka per bhari (11.664 grams) across domestic markets.
Furthermore, 21-carat gold is adjusted to 231,472 Taka, 18-carat gold stands at 198,405 Taka, and traditional method gold is fixed at 161,605 Taka per bhari.
