Gold prices fell today in Yemen on Saturday morning, August 27, 2022, coinciding with the decline of “the precious” globally, following the strict statements of the US Federal Reserve.
During his speech yesterday at the “Jackson Hole” meeting, Jerome Powell, Chairman of the Federal Reserve, stressed that he is continuing the monetary tightening policy and raising interest rates during the coming period, and that it will cause “some pain” for families and companies.
Gold price today in Yemen
The average price of a gram of 24-carat gold today in Yemen decreased to 14,002 thousand riyals ($ 55.95), compared to 14,135 thousand riyals ($ 56.49) during yesterday’s trading, according to the “yemen.gold-price-today” platform for monitoring gold prices in the market. Yemeni.
And the price of a gram of 18 karat gold today in Yemen fell to the level of 10,502 thousand riyals ($ 41.96), compared to 10,602 thousand riyals ($ 42.36) at the close of trading yesterday.
Regarding economic gold prices today in Yemen, the average price of a gram of 14 karat gold recorded regarding 8.168 thousand riyals ($ 32.64), the price of a gram of 12 karat gold recorded regarding 7.001 thousand riyals ($ 27.98).
The price of 21 karat gold today in Yemen
The average price of a gram of 21 karat gold today in Yemen (the most traded in the market) fell to 12,252 thousand riyals ($ 48.96), compared to 12.369 thousand riyals ($ 49.43) at the end of trading yesterday.
The average price of an ounce of gold today in Yemen, during morning trading today, Friday, was regarding 435,461 thousand riyals ($ 1740), and the average price of the gold pound today in Yemen (8 grams of 21 karat), regarding 98.016 thousand riyals (391.67).
Gold prices today globally
Gold bulls fell sharply, with gold losing $50 by Friday’s close following the Federal Reserve announced that it would not stop any time soon from raising interest rates.
“Gold is at risk with higher US Treasury yields, which may gain further bullish momentum if the labor market remains strong in light of next week’s data,” said Ed Moya, analyst at Onda. “The downside risk of the gold price remains.”
On Wednesday, US Treasury yields rose to a two-month high, following Federal Reserve Chairman Jerome Powell said the central bank will continue to raise interest rates aggressively until the war on inflation is over.
Gold futures declined to $1,762.90 an ounce, losing $21.60 an ounce. For the week, gold fell 0.7%.
As for gold in spot transactions, the most popular of futures contracts, for 1737.65 dollars an ounce, down by 21.11 dollars an ounce, and a decline for the week by 0.6%.
“If gold fails to sustain the $1,735 level, the next support level will be at $1727 or $1719 an ounce,” says Sunil Kumar Dixit, SK Charting. “It depends mostly on how the markets react to Powell’s speech next week.”
Powell said the Fed’s Open Market Committee is intent on bringing inflation down to 2%.
The Fed raised the interest rate by 225 basis points this year, to 2.5%.
Speaking at Jackson Hole, Powell said, “We are taking rapid and aggressive steps to keep demand on par with supply, and inflation remains within expectations. We will continue to do so until we are confident we can do our job perfectly.”
The speech was one of Powell’s strongest, and reflects the burden the Fed has placed on keeping inflation in check, bringing it down from its highest levels in 40 years.
Powell’s comments came following Friday’s data, which showed the personal consumption expenditures index standing at 6.3% this year, from 6.8%.
The personal consumption expenditures index on a monthly basis recorded 0.1% for the month of July, compared to 0.1%, according to data from the Ministry of Commerce.
As of Friday, the CPI was 4 times larger than the Fed’s 2% target, with the index coming in at 8.5%. Prior to this, the index rose to 9.1% in June.
Gold remains an inflation hedge for most investors, but it did not move as expected, not reaching $2,100 an ounce.
