Gold prices rose by about $22, or by 1.1%, on the global stock market during the week’s trading ending on Friday evening, with the ounce settling at the $2003 level, amid increasing expectations that the US Federal Reserve will end the monetary tightening cycle and reduce interest rates during the coming period. This strengthened gold's strength as a safe haven.
Saeed Embabi, CEO of the iSagha platform for trading gold and jewelry online, said that gold prices in the local markets rose by 24 pounds during Saturday’s trading, with the price of a gram of 21 carat gold recording about 2,790 pounds, coinciding with the global stock market’s weekly holiday.
He added that a gram of 24 karat gold recorded 3,189 pounds, a gram of 18 karat gold recorded 2,392 pounds, while a gram of 14 karat gold recorded about 1,860 pounds, and a pound of gold recorded about 22,320 pounds.
Gold prices rose by 25 pounds in local markets during trading yesterday, Friday, as the price of a gram of 21 karat gold opened trading at 2,740 pounds, and concluded trading at 2,765 pounds, while an ounce rose by 10 dollars, as trading opened at 1,993 dollars. Trading concluded at the level of 2003 dollars.
In a related context, the US Purchasing Managers’ Index data showed a state of decline, as the Manufacturing Purchasing Managers’ Index for November recorded 49.4 points, while experts expected 49.8 points, and the previous reading recorded 50 points.
On the other hand, the services Purchasing Managers' Index for November recorded about 50.8 points, while experts expected 50.4 points, and it had recorded 50.6 points in the previous reading.
