Gold prices fell for the fourth time in trading today, Tuesday, as the drop in gold now reached 120 pounds, following a drop of 75 pounds in less than two hours, following a wave of successive rises over the past days, so that gold lost part of the gains it achieved over the course of the week.
And a source in the gold market revealed that consumers tended to sell gold jewelry to achieve large profits following the historical highs of gold in the past few days, and the sale of gold caused some decline in the precious metal, and prices may witness other declines during the coming hours in the event that sales continue.
Gold prices today:
18 karat recorded 1423 pounds.
21 karat recorded 1660 pounds.
And 24 karat recorded 1897 pounds.
And the gold pound is 13,280 pounds.
At the level of global gold pricing, there was little change in gold prices on Tuesday, December 6, with the dollar stabilizing following recording its largest jump in two weeks in the previous session, while fears of a greater US rate hike by the Federal Reserve continued.
Gold settled in spot transactions at $1769.99 an ounce, and US gold futures contracts remained unchanged at $1781.20 an ounce.
Gold fell following reaching a 5-month high, closing 1.6% lower as the dollar recovered following data fueled speculation that the US Federal Reserve may raise interest rates more than expected recently.
OANDA chief market analyst Edward Moya said financial markets had to increase expectations of a rate hike by the US Federal Reserve following wages rose in November.
“However, gold has seen a slight uptick since early November, and a major pullback does not seem warranted as the economy slows and inflation should decline steadily here.
