Sunday 01/December/2024 – 04:34 AM
The price of gold stabilized today, Sunday, December 1, 2024, in the local market, amid anticipation of new movements in the prices of the yellow metal as a result of the dollar changing its course in an instant between rises and falls, affected by the events in the United States of America and the upcoming Federal Reserve decision regarding interest rates.
According to the General Division of the General Federation of Chambers of Commerce, gold prices stabilized today according to the latest price as follows:
24 karat gold price
24 karat gold recorded about 4217.24 pounds.
Price of a gram of 21 carat gold
The price of 21 carat gold stabilized at 3,690 pounds.
Price of a gram of 18 karat gold
The price of 18 karat gold was about 3162.86 pounds.
The price of the gold pound
The price of the gold pound stabilized at about 29,520 pounds.
Global gold price
Globally, the price of gold recorded $2,658 per ounce.
According to iSagha data, gold has risen by 28.5% since the beginning of the year, and is close to the numbers of 29.6% achieved in 2010 and 31% in 2007.
The markets are witnessing increasing bets on the US Federal Reserve reducing interest rates by about 25 basis points at the next December 18 meeting, which will strengthen gold’s strength.
Gold suffered a loss during the month of November due to the victory of US President-elect Donald Trump on November 5, due to his proposals that stimulate inflation, such as imposing customs duties and reducing taxes, in addition to speculation that the expansionary fiscal policy of the new US administration may prevent the Federal Reserve Bank from continuing to lower interest rates. .
The selection of Scott Besent as Treasury Secretary in the incoming Trump administration calmed markets and boosted gold prices last week.
The latest US GDP and Core Personal Consumption Expenditure (PCE) price index figures suggest that the US economy remains strong and easing policy may need to pause.
However, Fed officials seemed convinced that further easing was needed, and may cut interest rates at the December meeting. However, they adopted a more cautious stance, opening the door to pausing the easing cycle.
