Gold prices rise again after a day of decline

Just a day after reducing prices, the Bangladesh Jewellers Association (Bajus) today announced a hike in the rates of the precious metal.

The association said it will sell gold at Tk 209,520 per bhori, effective from tomorrow, up by Tk 2,613 or 1.26 percent per bhori. One bhori is equivalent to 11.664 grammes.

The Bajus attributed the hike to a surge in the domestic market price of pure gold.

The announcement came as gold prices climbed over 1 percent today in the international market, after investors flocked to the safe-haven asset ahead of the release of the Federal Reserve's latest meeting minutes later in the day and delayed US employment data on Thursday, reported Reuters.

Spot gold was up 1.2 percent at $4,116.26 per ounce at 9:36am ET (1436 GMT). US gold futures for December delivery gained 1.3 percent to $4,117.10 per ounce, it said.

In Bangladesh taka terms, the value of the gold is Tk 503,447.41 per ounce (28.34 grammes).

"There's safe-haven buying that's going on in the market right now... The (job) numbers that have come out have been a little softer, and there are jitters in the equity markets," said RJO Futures market strategist Bob Haberkorn.

Bajus members sold the metal at Tk 206,907 per bhori today, as per the announcement on Wednesday.