Gold prices have seen a significant decline in the past week, reaching $2017 per ounce, down from the previous week’s average of $2110 per ounce. The decline in gold prices comes as the US dollar continues to strengthen against other currencies.
The decrease in gold prices has been attributed to several factors, including the increase in the value of the US dollar, which makes gold less attractive as a safe haven asset. In addition, the rise in bond yields has also contributed to the decline in gold prices, as higher yields reduce the appeal of non-yielding assets like gold, reports Al Qabas daily.
Despite the decline in gold prices, experts predict that gold will continue to play an important role in investment portfolios as a hedge against inflation and market volatility. Furthermore, with the ongoing uncertainties in the global economy, gold is likely to remain an attractive investment option for many investors.
It is worth noting that gold prices are subject to fluctuations due to various economic and political factors, and investors are advised to carefully consider these factors before making any investment decisions.
