Gold Prices Inch Down in Local Markets

Gold prices witnessed a decrease in local markets on Thursday, despite an increase in the global price of gold per ounce. This fluctuation follows Nvidia's disappointing earnings report, cautious remarks from the Federal Reserve, and ongoing geopolitical tensions.

Saeed Imbaby, CEO of the "iSagha" online platform for gold and jewelry trading, reported that local gold prices fell by approximately 10 pounds compared to yesterday's closing figures.

"The price for a gram of 21-karat gold is currently 3,730 pounds, while the global price per ounce has risen by $18, reaching $2,667," he added.

Imbaby further noted that the price for a gram of 24-karat gold stands at 4,263 pounds, a gram of 18-karat gold is priced at 3,197 pounds, and a gram of 14-karat gold is approximately 2,487 pounds. Additionally, the gold pound is valued at around 29,840 pounds.

According to the daily report from the "I Saga" platform, local gold prices had increased by 40 pounds during trading yesterday, Wednesday. The price for a gram of 21-karat gold opened at 3,700 pounds, peaked at 3,755 pounds, and closed at 3,740 pounds. In contrast, global gold prices rose by $23, with the ounce opening at $2,634, reaching a high of $2,652, and closing at $2,649.

Imbaby emphasized that the decline in local gold prices is occurring as markets await the Central Bank's decision regarding interest rates. The Central Bank is expected to announce its interest rate decision later today, with predictions suggesting that an increase may be forthcoming in an effort to manage inflation and stabilize the exchange rate.

Previously, the Central Bank's Monetary Policy Committee maintained the overnight deposit and lending rates, as well as the main operation rate, at 27.25%, 28.25%, and 27.75%, respectively, over four consecutive meetings, following increases of 800 basis points in February and March.