Al-Youm Al-Sabea TV provided a special report on the price of gold, following the sharp drop in the price of the precious metal in Tuesday’s trading, which at the end of the day stood at £200, a drop in the price of a gram.
The coverage was hosted by Sameh Abdel Hakim, a gold market expert, who revealed that consumers tended to sell gold artifacts for big profits after historic gold increases in recent days.
Abdel-Hakim explained that the sale of gold leads to some decline in the precious metal and that prices could suffer further decreases in the coming hours if the sales continue.
Gold prices at close of trading on Tuesday:
18 karat registered 1423 pounds.
21 carat registered 1660 pounds.
24 carats, a record 1897 pounds.
And the gold pound is £13,280.
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.
Senior market analyst said OANDA Edward Moya said financial markets had to raise expectations of a rate hike by the US Federal Reserve after the November wage hike.
“However, gold has rallied slightly since early November and a steep decline does not seem warranted as the economy slows down and inflation is expected to decline steadily here.
