Gold prices saw a decline in the domestic markets on Thursday, as the ounce dropped on the worldwide stock exchange to its lowest point in a fortnight. This was attributed to profit-taking activities, while investors eagerly await American economic data to better understand the potential trajectory of interest rates.
According to the CEO of the “iSagha” platform for trading gold and jewelry online, Saeed Embabi, a 20-pound decrease in gold prices in the local markets during today’s transactions. The price of a gram of 21k gold fell to 3,255EPG, while an ounce cost about $32, recording $2,369.
Gold prices fell by 10 pounds in the local markets during yesterday’s trading, with the price of a gram of 21k gold opening at 3,285 pounds and concluding at 3,275EPG. Meanwhile, gold prices on the global stock market dropped by about 7 dollars, with an ounce opening at 2408 dollars and concluding at 2401 dollars.
Embabi expected a rise in gold prices following the government’s decision to increase gasoline and diesel prices, which will lead to a rise in manufacturing inputs, a key factor in determining gold values.
He added that the price of a gram of 24k gold recorded 3,720EPG, a gram of 18k recorded 2,790 EPG, while a gram of 14k recorded about 2,170EPG, and a gold pound recorded about 26,040EPG.
Embabi emphasized that the ongoing backing for central banks’ acquisition of gold is aimed at bolstering their gold reserves, and the strategy of moving away from the US dollar as the global reserve currency, in order to hinder the United States from leveraging the dollar in geopolitical disputes and penalties against adversarial nations.
He further anticipated a surge in demand from India, the world’s second largest gold consumer, following the government’s reduction of the gold import duty from 15% to 6%.
Contributed by Ahmed Emam
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