Gold prices decreased on Monday in the local market during today's trading.
Engineer Saeed Embabi, Executive Director of the “iSagha” platform, said that gold prices in the local markets decreased by 10 pounds during today’s trading, ad the price of 21 karat gold recorded 3,680 pounds, while an ounce on the global stock market dropped by about 7 dollars to record 2,634 dollars. .Embabi added that a gram of 24 karat gold recorded 4,206 pounds, a gram of 18 karat gold recorded 3,154 pounds, while a gram of 14 karat gold recorded about 2,454 pounds, and a gold pound recorded about 29,440 pounds.
Gold is trading lower on Monday after President-elect Donald Trump threatened the BRICS nations with 100% tariffs.
The BRICS – which includes Brazil, Russia, India, China, South Africa, Egypt, Iran, the United Arab Emirates, and Ethiopia – has been steadily reducing its reliance on the USD as a medium of exchange, using the currencies of its members instead.
It has even been suggested that it could develop its own Gold-backed BRICS currency for trading purposes, replacing the Dollar altogether.
Some BRICS countries, such as China and India, have also been hoarding Gold. This may be because they want to launch a Gold-backed currency to replace the US Dollar.
Trump’s warning threatens to derail their plans if members become fearful of the fallout of a global trade war with the US, and this could also be weighing on Gold price.
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