2023-10-01 08:54:26
Economic reports revealed that gold prices recorded monthly losses of 5 percent, falling to the level of 1849 US dollars per ounce at the end of trading last Friday.
A specialized report issued today, Sunday, by the Kuwaiti company (Dar Al-Sabaek) said that the prices of gold futures contracts (December delivery) fell by 0.67 percent, equivalent to $12.5 per ounce, and thus gold recorded weekly, quarterly and monthly losses amid expectations of a tightening of monetary policy from the Federal Reserve. American (Central Bank).
The report added that one of the most important reasons for gold’s decline was the rise in US Treasury bond yields in the context of confronting inflationary pressures, as the US inflation measure recorded the smallest monthly increase since November 2020.
He explained that the US core personal consumption expenditures price index (excluding food and energy) rose by 0.1 percent last August, which was less than expectations, which led to investors reluctance to buy gold as a hedging tool against market fluctuations.
He stated that the US Central Bank continues to make statements confirming its commitment to a more stringent policy in terms of raising interest rates on the dollar, as New York Federal Reserve Chairman John Williams said in recent statements that the main interest rate in the United States is at or near the peak level, “but the costs Borrowing will have to remain high for some time to make sure inflation is beaten.”
The report stressed that these statements “mean that we are far from any reduction in interest rates,” which means continued pressure on gold in the absence of indicators of weakness in the American economy.
Regarding the local market, he reported that the price of a gram of 24 karat was 18.6 dinars (about 57 dollars), while the price of 22 karat was 17 dinars (about 52 dollars), while silver closed at 265 dinars (808 dollars) per kilogram.
It is noteworthy that the ounce is one of the units of mass measurement and is used in a number of different systems of measurement units. It is also called the ounce and is equal to 28.349 grams, while as a unit of measurement for precious metals it is equal to 31.103 grams.
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