Gold prices witnessed, at the close of the week’s trading, today, Saturday, a drop of 7 pounds, according to the closing price of the global market late Friday evening, as the ounce fell to levels of 1764 dollars per ounce.
And a gram of 21 karat gold recorded a price of 765 pounds, compared to 772 pounds, while 18 karat recorded a price of 655.75 pounds, and 24 karat gold amounted to 874.25 pounds, the gold pound was 6120 pounds, and an ounce of gold was 1764 dollars.
The main reason for the decline in gold was the indications of the US Federal Reserve that it would consider reducing its asset purchase program at every meeting it held, and brought forward expectations of the first post-pandemic interest rate increases to 2023.
After the monetary tightening statements from the Federal Reserve, the dollar jumped to its highest level in two months and is heading towards the best week in about nine months, and although gold is considered a hedge against inflation, high interest rates will reduce its attractiveness as it means the higher opportunity cost of holding it. .
As for other precious metals, palladium gained 1.9% to $ 2543.61 an ounce, but it is heading towards the worst week since late March, after a sharp decline recorded on Thursday.
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