Gold prices witnessed in the morning trading today, an increase of regarding 5 pounds, before prices fell once more to return to the same levels yesterday, Monday, where a gram of gold today records 1065 pounds per gram now without adding workmanship.
Gold prices today:
Carat 18 recorded 913 pounds.
21 caliber record 1065 pounds.
24 carat record 1217 pounds.
The gold pound is 8520 pounds.
The gold market is witnessing remarkable fluctuations throughout this week’s trading on the global stock exchange, where the ounce recorded levels of 1800 dollars per ounce, then the global gold price fell to 1776 dollars, in conjunction with the return of the rise of the dollar globally, as well as bond yields.
Gold prices fell today, Tuesday, August 16, following the rise of the dollar and fears that the US Federal Reserve will raise interest rates once more put pressure on US bond yields, and gold futures fell by 0.39% to $ 1971.1 an ounce, by 10.10 am GMT.
The US 10-year Treasury yield index fell for the third session to 2.7788%, reducing the opportunity cost of acquiring the non-yielding yellow metal.
Gold prices fell more than 1% to their lowest level in a week on Monday as the dollar rose to its highest level in a week in an attempt to buy the yellow metal, which is a safe haven, following weak global economic data raised fears of a recession.
“A batch of weak data from China has revived fears of a global recession, sending the dollar higher at the expense of metals,” said Matt Simpson, senior markets analyst at City Index.
Fed officials maintained a hawkish tone and hinted at further rate hikes during the year to curb high inflation.
It is likely that higher US interest rates and a slowing economy will reduce the demand for gold.
Investors are now awaiting the minutes of the US Federal Reserve’s July meeting, scheduled for Wednesday, to look for evidence of further interest rate hikes.
As for other precious metals, silver futures fell to $ 20.07 an ounce, platinum fell by 1.07% to $ 923.6, and palladium fell by 1.64% at $2123.
