Nawal Abbas wrote:
The price of one gram of gold dropped yesterday in local markets to 18 dinars and 100 fil, for 21-karat gold, and to 18 dinars and 900 fil per gram for 22-karat, 20 dinar and 700 fil gold. for 24 carats, and the price from One ounce of gold to 1696 US dollars.
Gold prices dropped last Friday, at the end of trading week, to resume their work on Monday, after a better-than-expected US employment report reinforced expectations that the Federal Reserve will dramatically hike rates. interest.
The market is eagerly awaiting the employment report which exceeded expectations as a further stimulus for the Federal Reserve to raise (interest rates) by another 75 basis points in its early November meeting, because if gold does not consolidate at 1690 dollars, could drop back to the $ 1660 level. The data showed that US employers hired more workers than expected in September The unemployment rate fell to 3.5%, which led to the dollar rising relative to competing currencies. they have risen, knowing that the rising dollar makes gold more expensive for holders of dollars than other currencies.
As for the other precious metals, silver fell 2.45 percent yesterday to $ 20.13 an ounce, but made a weekly gain of 5.8 percent. The price of gold fell globally to record around $ 1694 an ounce, a drop of around 1.03%Saturday, according to Bloomberg.
