After increasing by around 5 pounds yesterday, gold prices stabilised at the start of trade today, Thursday, reaching a high of roughly 1080 pounds per gramme for the most popular 21 carat pricing.
A gramme of 24 carat gold cost around 1225 pounds.
A gramme of 21-karat gold costs around 1080 pounds.
A gramme of 18 carat gold costs around 926 pounds.
Currently, the price of a gold pound is 8640 pounds.
When markets turned to US jobs statistics to forecast the trajectory of interest rate hikes by the Federal Reserve, the price of gold dropped by more than 1% as the dollar gained speed, making metal less appealing to holders of other currencies.
Spot gold, which had reached a three-week high of $ 1729. 39 on Tuesday, dropped 0.8% to $ 1712. 93 per ounce by 1752 GMT.
US gold futures decreased 0.6% to close at $1,720.80.
The dollar index increased 1% in comparison to its rivals after dropping 1.3% overnight, which was the most since March 2020. The yields on US 10-year Treasury bonds increased as well.
Employers in the private sector of the US economy increased hiring in September, according to data, showing that demand for labour is still high despite rising interest rates and tightening financial circumstances.
The markets’ attention now shifts to the non-farm payrolls data, which will be announced by the US Labor Department on Friday.
Even though gold is seen as an inflation hedge, non-yielding bullion loses appeal as interest rates rise.
In comparison to other precious metals, the spot price of silver dropped 2.7% to $20.54 per ounce. Palladium dropped 2.8% to $2250. 67, while platinum dropped 1.5% to $915. 97.
On October 6, 2022, a Thursday, the price of gold in Egypt
About Author
