Gold prices in the local markets continued to decline during trading today, Thursday, with the decline of the ounce on the global stock market, approaching the lowest level in two months, due to the strength of the dollar, with markets awaiting the release of US economic data later today, to obtain more evidence on the monetary path of the US Federal Reserve. .
Engineer Saeed Embabi, CEO of the “iSagha” platform for trading gold and jewelry online, said that gold prices in the local markets fell by about 40 pounds during today’s transactions, and compared to the close of yesterday’s transactions, so that the price of a gram of 21 carat gold recorded a level of 3555 pounds, while it declined. An ounce on the global stock market reached about $26, reaching $2,548.
Embabi added that a gram of 24 karat gold recorded 4,063 pounds, a gram of 18 karat gold recorded 3,047 pounds, while a gram of 14 karat gold recorded about 2,370 pounds, and a gold pound recorded about 28,440 pounds.
According to the daily report of the “iSagha” platform, gold prices in the local markets fell by 30 pounds during yesterday’s trading, Wednesday, as the price of a gram of 21 karat gold opened trading at the level of 3625 pounds, and concluded trading at the level of 3595 pounds, while gold prices declined on the global stock market. , with a value of $26, as the ounce opened transactions at the level of $2600, and concluded transactions at the level of $2574.
Mbabi pointed out that gold prices in the local markets have fallen by about 230 pounds since the beginning of this November, due to the decline of the ounce on the global stock market, and the decline in demand, with citizens expecting a further decline in prices.
Mbabi indicated that gold prices continued their losses during today’s trading, approaching their lowest level in two months, due to the strength of the dollar, as optimism about American economic growth led to the dollar rising to a new highest level for this year, and high US Treasury bond yields also contribute. In driving flows away from gold.
Gold prices touched their lowest level since last September 19, at around the $2,546 area during the beginning of today’s trading, and the buying of the US dollar continues in the wake of optimism regarding the expansionary policies expected by US President-elect Donald Trump.
He pointed out that US President-elect Donald Trump’s plans to reduce taxes and increase customs tariffs on imports would accelerate inflation rates, forcing the US Federal Reserve to slow down the monetary easing cycle.
US inflation data released yesterday, Wednesday, showed slower progress in the decline in inflation, and then these data support a rise in US Treasury bond yields, limit demand for gold, and also lead to smaller interest rate cuts from the Federal Reserve next year.
The US Bureau of Labor Statistics reported Wednesday that the headline US consumer price index rose 0.2% in October and 2.6% over the past 12 months.
The core index – which excludes the more volatile food and energy categories – rose 0.3% last month and 3.3% from the same period last year.
Alberto Musalem, head of the US Federal Reserve in St. Louis, pointed out that the risk of high inflation has passed, and that stable inflation makes it difficult for the central bank to continue lowering interest rates.
Jeffrey Schmid, head of the US Federal Reserve in Kansas, said that it remains to be seen to what extent the US central bank will cut interest rates, and where they may stabilize.
In a related context, markets are awaiting October producer price index data and weekly unemployment claims, scheduled to be released later today, in addition to statements by Federal Reserve Chairman Jerome Powell.
