Gold fell today in Palestine, Saturday, March 19, 2022, coinciding with the precious metal’s recording of the largest weekly decline in 4 months in global markets.
Gold price today in Palestine
The price of a gram of 24 karat gold in Palestine, during today’s evening trading in the local market, fell to regarding 200.64 shekels ($61.83).
And the price of a gram of 21 karat gold (the most traded in the market) fell today in Palestine, to regarding 175.57 shekels ($54.10).
The price of a gram of 18 karat gold in Palestine also declined, in the middle of today’s transactions, to regarding 150.48 shekels ($46.37).
In terms of economic gold transactions in Palestine, the average price of a gram of 14 karat gold amounted to regarding 117.04 shekels ($36.07).
Gold price per ounce and pound today in Palestine
And the average price of an ounce of gold today in Palestine, during transactions this evening in the local market, decreased to regarding 6240 shekels ($1923).
Meanwhile, the average price of the gold pound in Palestine in today’s transactions was regarding 1405 shekels ($432.82).
Gold prices today globally
Globally, gold prices fell at the settlement of Friday’s trading session (the closing of the week’s sessions), to record the largest weekly decline in four months, with the improvement of market sentiment following the decisions of central banks and the continuation of the Russian-Ukrainian talks.
US President Joe Biden held phone talks with his Chinese counterpart, Xi Jinping, to discuss the developments of the Ukrainian war, while the Chinese president stressed that relations between countries should not reach confrontations, as is happening in Ukraine, because this will not benefit anyone.
Meanwhile, negotiators from Russia and Ukraine are continuing peace talks between the two sides to end the current war, and although the Kremlin yesterday denied that a deal had been reached, news of little progress in the talks fueled optimism in the markets.
And pressure on gold increased during last week’s trading, following the Federal Reserve decided to raise US interest rates for the first time since 2018 by 25 basis points, in light of the high inflation rate and the recovery of the labor market.
Meanwhile, “James Bullard”, a member of the US Central Open Market Committee, said that it is necessary to raise interest rates by the equivalent of 12 times this year, in order for the bank to convince consumers that it is serious in the face of rising inflation.
The price of gold futures contracts for April delivery fell 0.7%, or $13.90, to reach $1,929.30 an ounce when the session settled on Friday.
In the total trading last week, the price of futures contracts for the precious metal fell by 2.8%, which represents the largest weekly decline since November 2021.