Al-Youm Al-Sabea TV provided special coverage on gold prices, after the significant drop in the price of the precious metal in Tuesday’s trading, which at the end of the day amounted to 200 pounds, a decrease in the price of a gram.
The coverage was hosted by Sameh Abdel Hakim, an expert in the gold market, who revealed that consumers tended to sell gold artifacts to achieve large profits after the historical rises of gold in the past few days.
Abdel-Hakim explained that selling gold leads to some decline in the precious metal, and prices may witness further declines in the coming hours if sales continue.
Gold prices at the end of Tuesday’s trading:
18 karat recorded 1423 pounds.
21 karat recorded 1660 pounds.
24 karat, a record of 1897 pounds.
And the gold pound is 13,280 pounds.
At the level of global gold pricing, there was little change in gold prices on Tuesday, December 6, with the dollar stabilizing after recording its largest jump in two weeks in the previous session, while fears of a greater US rate hike by the Federal Reserve continued.
Gold settled in spot transactions at $1769.99 an ounce, and US gold futures contracts remained unchanged at $1781.20 an ounce.
Gold fell after reaching a 5-month high, closing 1.6% lower as the dollar recovered after data fueled speculation that the US Federal Reserve may raise interest rates more than expected recently.
Senior Market Analyst said OANDA Edward Moya said that financial markets had to increase expectations of a rate hike by the US Federal Reserve after the rise in wages in November.
“However, gold has seen a slight uptick since early November, and a major pullback does not seem warranted as the economy slows and inflation should decline steadily here.