Gold surged past the Tk 285,000 mark per bhori from this morning, breaking all its previous records as the global rally of the metal continues.

Today, the Bangladesh Jewellers Association (Bajus) said it started selling gold at Tk 286,001 per bhori (11.664 grammes), effective from 10:15 am, owing to a spiral in the prices of pure gold.

The association fixed the rate of the metal at Tk 269,788 per bhori yesterday, up from the previous rate of Tk 262,440 per bhori, showing that prices have shot up by Tk 23,561 per bhori since January.

The announcement from Bajus came after gold hit a fresh record, nearly $5,600 per ounce, in the global market today, as investors sought safety amid geopolitical and economic uncertainties, Reuters reported.

Spot gold shot up 2.6 percent to $5,538.69 an ounce by 03:49 GMT, after hitting a record $5,591.61 earlier in the day. One standard (household) ounce equals 28.35 grammes.

“Growing US debt and uncertainty created by signs that the global trade system is splintering into regional blocs as opposed to a US-centric model are leading investors to pile into gold,” said Marex analyst Edward Meir.