Gold prices drop sharply in global market

Gold prices have fallen sharply in the international market, dropping 2.36 percent in a single day to slip below the 4,500-dollar mark per ounce.

According to GoldPrice, a widely referenced global tracker of precious metal prices, gold fell 109 dollars to 4,494 dollars per ounce, down from above 4,600 dollars a day earlier. Compared to March 14, when gold stood at 5,020 dollars per ounce, the price has declined by 526 dollars or 10.5 percent in just one week.

Gold prices had been climbing steadily since the beginning of the month, driven by uncertainty over the Iran-US-Israel conflict. The current drop marks a significant correction following that rally.

Earlier this year, gold hit record highs of 5,200 dollars per ounce on January 30 and 5,550 dollars on January 29.

The global decline has already impacted the domestic market in Bangladesh. On Thursday, March 19, the Bangladesh Jewellers Association reduced gold prices twice in a single day, cutting a total of up to 15,338 taka per bhori. As a result, 22-carat gold dropped to 246,927 taka per bhori. The domestic market continues to trade at that price. Currently, 21-carat gold is priced at 235,671 taka, 18-carat at 202,020 taka, and traditional gold at 164,521 taka per bhori.

Silver prices were also reduced, with 22-carat silver now at 5,365 taka per bhori, 21-carat at 5,132 taka, 18-carat at 4,432 taka, and traditional silver at 3,324 taka per bhori.

Bangladesh had witnessed its highest-ever gold price on January 29, when 22-carat gold surged by a record 16,213 taka in a single day to reach 286,000 taka per bhori, mirroring the unprecedented spike in global markets.