Middle East

Gold price drops more than $50 an ounce

The price of gold on the global market fell by more than $50 an ounce to close at $1,784 at the close of trading last week, according to a professional economic report.

Gold prices have been affected by the US Federal Reserve’s (central bank) commitment to keep raising dollar interest rates to curb inflation in the US market, according to a report published by Kuwait’s Dar Al-Sabeek Company. .

The report added that the US central bank’s “tough” stance has pushed the dollar up 2.27% against major currencies, pushing 10-year US Treasury yields to their highest level in a month. 2.97%, making gold more expensive for investors. .

US central bank policymakers acknowledge downside risks to growth but continue campaign against inflation as global investors wary of US Federal Commission minutes, report says As a result, spot gold prices fell from Wednesday to the end of last week.

The report says it has key economic data expected to be released this week. This includes the first ‘unemployment claims’ in the US as a result of the (Standard & Poor’s) Index US Economy Global Purchasing Managers Index for August. Federal Reserve Inflation Gauge for the week ending August 19th and July.

The report also said these data need to be monitored and will have a significant impact on gold price movements this week, noting that this week will also be crowded in Europe and Asia, with purchasing managers’ survey indicators in the UK, Germany, Published in France and Japan.

The report added that investors will closely monitor monetary policy meetings in China and South Korea as they will have a direct impact on decisions about whether the gold price will rise or fall this week.

As for the domestic market, a gram of 24 carats fetched a price of 17.377 dinars, while 21 carats hit 15,205 dinars, while the price of silver dropped to 234 dinars per kilo, according to the report.

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https://timeskuwait.com/news/price-of-gold-fell-by-more-than-50-per-ounce/ Gold price drops more than $50 an ounce

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