Dhaka, Oct 18 (V7N) — Gold prices surged again today, driven by ongoing tensions in the Middle East, reaching a historic milestone. For the first time, the price of gold per ounce exceeded $2,700, marking a significant moment in the market.

According to reports from AFP, the spot market price of gold was $2,688.83 per ounce on Thursday, but it climbed to $2,704.89 on Friday morning, setting a new record. This increase in gold prices is attributed to various factors, including the upcoming U.S. elections, potential interest rate cuts by the Federal Reserve, and escalating geopolitical tensions in the Middle East.

Market analysts indicate that there is a growing trend of gold purchases globally, fueled by the Federal Reserve's move towards lower interest rates. As prices continue to rise, it is anticipated that gold per ounce could increase even further in the near future.

The rise in global gold prices is likely to have an impact on domestic markets as well. In Bangladesh, the price adjustments are determined by the Bangladesh Jewelers Association (BAJUS). The last adjustment in the country's market was made on September 28, when BAJUS set the price of a 22-carat gold bar at 137,449 BDT after a decrease of 1,259 BDT.

As global tensions persist, both investors and consumers are closely monitoring gold prices, which traditionally serve as a safe-haven asset during uncertain times.

END/MSS/AJ