The price of gold at the end of the week … is witnessing a decline in the local markets


Gold prices witnessed a decline of 27 pounds in the local market since the beginning of trading on Monday, February 1, until February 4, 2021.

The 21-carat recorded about 788 pounds, and the 24-carat scored about 890 pounds, while the price of the 18-carat reached 680 pounds, and the gold pound scored 6304 pounds.

gold price

Naguib Club, secretary of the gold division of the Cairo Chamber of Commerce, attributed the decline in gold prices locally to the decline in global prices to about $ 44 upon settlement of transactions today, Thursday, to drop to less than $ 1800, with the strength of the US currency.

Gold has been under pressure with a noticeable rise in dollar and US bond yields during trading, waiting for clarity on the fiscal stimulus package.

Economic data revealed that unemployment claims in the United States fell to the lowest level in two months during the past week.

Factory orders in the United States increased more than expected during the last month of 2020.

Upon settlement, the price of gold futures for April delivery fell 2.4 percent, or $ 43.90, to $ 1791.20 an ounce.

By 6:55 PM GMT, the spot price of the yellow metal was down 2.5% to $ 1,788.20 an ounce.

During the same period, the main dollar index that measures the currency’s performance against 6 major currencies rose 0.4% to 91.56, the highest level in two months.

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