Gold prices fell for the fourth time in trading today, Tuesday, as the values of the drop in gold now reached 200 pounds, and a source in the gold market revealed that consumers tended to sell gold artifacts to achieve large profits following the historical highs of gold in the past few days, and the sale of gold caused some decline. For the precious metal, prices may witness further declines in the coming hours, if the selling operations continue.
Gold prices today:
18 karat recorded 1423 pounds.
21 karat recorded 1660 pounds.
24 karat, a record of 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.
