Gold prices rallied around £150 in trading today, Tuesday, trading higher again after a £200 wave of declines, and markets are seeing turbulence and price swings for the precious metal intraday.
Gold prices today:
18 karat registered 1552 pounds.
21 carat registered 1810 pounds.
24 carats, a record 2068 lbs.
14 karat registered 1210 pounds.
And the gold pound is 14480 pounds.
In global gold prices, there was little change in gold prices on Tuesday 6 December, with the dollar stabilizing after posting its biggest jump in two weeks in the previous session, while fears of a major US rate hike by the Federal Reserve continued.
Gold stabilized in spot transactions at $1769.99 an ounce, and US gold futures contracts were unchanged at $1781.20 an ounce.
Gold fell after hitting a 5-month high, closing down 1.6% as the dollar rallied after data fueled speculation that the US Federal Reserve could raise interest rates more than expected recently.
OANDA chief market analyst Edward Moya said financial markets had to raise expectations of a rate hike from the US Federal Reserve after a pay hike in November.
“However, gold has seen a slight rally since early November, and a sharp pullback doesn’t seem warranted as the economy slows down and inflation is expected to decline steadily here,” he added.
