Written by: Nawal Abbas
The prices of the yellow metal decreased in the local markets yesterday due to the decline in its prices globally, as the price of an ounce reached 1677 Dollars, and the price of a gram of 24 karat gold is 20.29 dinars, and 18.60 dinars per gram of 22 karat And 17.76 dinars for a gram of 21 karat, and 15.22 dinars for a gram of 18 karat.
The decline in gold prices is due to an adverse reaction to the rise in the dollar, according to what American newspapers reported and the returns of increased returns Treasuries, which boosted economic data on expectations of a Federal Reserve rate hike.
And gold fell in spot transactions yesterday by 0.1%to $ 1661.97 an ounce by 07:24 GMT, following hitting the lowest Its levels since April 2020 are at $1,658.30. Prices decreased by 3.2%From the beginning of the week until now.
US gold futures also fell by 0.4 .%to $1,670.50. This comes as US 10-year Treasury yields are near their highest level since June, While the dollar tends to record a weekly rise once morest its competitors. The Federal Reserve is expected to raise interest rates by 75 basis points on Sept. 21. The reserve has already raised interest rates by 225 basis points since March.
Gold is very sensitive to raising US interest rates, because it increases the opportunity cost of holding bullion that Don’t make a comeback.
As for other metals, silver fell in spot transactions 0.9%to $18.98 an ounce. Platinum fell 1.7%To $ 889.19, palladium also fell 1.7%to $2,099.54.
Gold traders confirmed that despite the decline in gold prices, there is a stagnation in the local markets during this period Coinciding with the return of students to schools, and the return of many people from travel, which led to a lack of Their ability to buy gold jewelry, while some gold dealers expect a recovery in the sale of gold with Salaries drop and gold prices continue to fall.