Nawal Abbas wrote:
The price of a gram of gold fell yesterday in the local markets to 18 dinars and 100 fils, for 21 karat gold, And 18 dinars and 900 fils per gram for 22 karat gold, 20 dinars and 700 fils for 24 karat, and the price of An ounce of gold to 1696 US dollars.
Gold prices fell last Friday, at the end of trading week, to resume their work on Monday, After a better-than-expected US jobs report boosted expectations that the Federal Reserve will raise interest rates sharply.
The market is looking forward to the jobs report that exceeded expectations as an additional impetus for the Federal Reserve to raise (interest rates) By another 75 basis points at the early November meeting, because if gold does not consolidate at 1690 It may fall back to the level of 1660 dollars. Data showed that US employers hired more workers than expected in September The unemployment rate fell to 3.5 percent, which led to the rise of the dollar against competing currencies. US Treasury yields also rose, knowing that the rise of the dollar makes gold more expensive for the dollar holders of other currencies.
As for other precious metals, silver fell in spot transactions by 2.45 percent to $ 20.13 per ounce yesterday, but achieved a weekly gain of 5.8 percent. The price of gold fell globally to record about $ 1694 an ounce, a decline of about 1.03%Saturday, according to Bloomberg.