Yesterday, the prices of the yellow metal decreased significantly in local markets due to its decline in global markets, as it reached A gram of gold 21 to 18 dinars and 290 fils, and 22 to 19 dinars and 24 karat gold to 20 dinars and 761 fils, and an ounce to 1709 dollars, and this decrease is considered the lowest in two years ago Corona pandemic.
Gold dealer Hussein Al-Shihabi commented, “It is noticeable that gold prices are unstable during this period, due to the high The dollar price, interest rate hike, and inflation increase due to the Russian-Ukrainian war, noting that the political situation Always affect the prices of gold, oil and the dollar).
Al-Shihabi pointed out that the continued decline in gold prices for a short period due to the increase in inflation due to the war, and from Expected instability of gold prices during the continuation of the war.
He added, (Despite the drop in gold prices, the sales process declined immediately following Eid, and this may be due to the The travel season has begun, and people are getting ready for vacations.
Gold prices fell slightly when settling Friday’s trading, to record the longest wave of weekly losses in 4 years Approximately
The precious metal saw losses for the fifth consecutive week, with the strength of the US dollar and the increasing expectations of raising interest rates America sharply to stem the acceleration of inflation. Investors are awaiting a monetary policy decision by the Federal Reserve at the end of this month, amid increasing expectations Raising interest rates by 100 basis points for the first time since the early 1980s.
Yesterday data revealed that US retail sales rose 1%Last June, exceeding expectations of 0.9%The Michigan Consumer Confidence Index rose to 51.1 points in the preliminary reading for the month July, contrary to expectations that it would drop to 49 points.
Gold futures for August delivery fell 0.1%or $2.20 to reach $1,703.60 an ounce upon settlement, declining by regarding 2. 2%In total this week.