A specialized economic report said today that the price of gold in the global market fell by more than 50 dollars per ounce, to close at 1784 dollars at the end of trading last week.
The report issued by Kuwait’s Dar Al-Sabeek Company stated that gold prices were affected by the US Federal Reserve’s (Central Bank) commitment to continue raising interest rates on the dollar to reduce inflation in the US market.
The report added that the “hard” stance of the US Central Bank led to the dollar’s rise to its highest level in one month by 2.27 percent against the major currencies, as well as the US Treasury bond yields (for a period of 10 years) rising to 2.97 percent, which made gold more expensive for investors. .
The report explained that with investors around the world feeling wary of the US Federal Committee’s meeting minutes, US central bank policy makers continued their campaign against inflation, although they acknowledged the downside risks to growth, so spot gold prices fell since Wednesday and continued until the end of last week.
The report stated that there are important economic data expected to be released this week, including the results of the US economic global purchasing managers’ indices for the (Standard & Poor’s) index for the month of August, the initial “unemployment claims” for the week ending on August 19, and the inflation gauge of the Federal Reserve for the month of July.
The report also stated that these data need monitoring, which will have a significant impact on the movement of gold prices for this week, pointing out that the current week will be crowded in Europe and Asia as well, where the Purchasing Managers’ Survey indicators will be published in the United Kingdom, Germany, France and Japan.
The report added, the investors will closely monitor the monetary policy meeting in China and South Korea as it has a direct impact on their decisions about whether gold prices are headed up or down this week.
With regard to the local market, the report said the price of a gram of 24 carat was to 17.377 dinars, while the price of 21 carat amounted to 15,205 dinars, while the price of silver fell to 234 dinars per kilo.