The stability of gold prices in the local market

The stability of gold prices in the local market
The stability of gold prices in the local market

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The stability of gold prices in the local market, today, Thursday, November 25, 2021 10:10 am

Gold prices stabilized in the local market today, Thursday, after a decrease of 20-30 piasters recorded yesterday, Wednesday, according to the daily price issued by the General Syndicate of Owners of Trade and Jewelery Shops and Drafting.

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According to the pricing, the selling price of one gram of the 21-carat yellow metal, which is most in demand among citizens, settled at 36.6 dinars, and for the purposes of purchase, it was at 35.1 dinars.

The sale price of 24 carats also settled at 43.5 dinars, and the purchase value of 40.4 dinars, the sale price of 18 carats also settled at 32.8 dinars, and the purchase value of 29.8 dinars.

Globally, gold prices rose today, Thursday, with the decline of the dollar, but the tightening statements of US Federal Reserve policy makers limited the attractiveness of the metal and kept it well below the important level of 1,800 dollars.

Spot gold rose 0.2 percent to $1,791.76 an ounce by 0501 GMT, after falling to its lowest level since November 4 on Wednesday. US gold futures rose 0.4 percent to $1,791.60.

The dollar index fell 0.1 percent from its highest level in 16 months, which was recorded in the previous session, which reduces the cost of the metal for buyers of holders of other currencies.

“Since the markets are anticipating some monetary policy normalization, this should affect gold in the short term,” said Hetish Jain, chief analyst at Yes Securities in Mumbai. “But major central banks are unlikely to raise interest rates significantly given the fiscal burden created by about high interest rates and the large accumulated government debt.

Higher interest rates increase the opportunity cost of holding non-returnable gold.

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For other precious metals, silver rose in spot transactions 0.3 percent to $23.59 an ounce. Platinum rose 1.6 percent to $989.77, and palladium rose 2.3 percent to $1,893.76.

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