saw market gold Globally and locally, there were great developments during the second half of the current month of November, as gold recorded its highest levels in almost five months, bringing an ounce of gold to levels of about 1860 dollars, but the price took a rapid downward path after the nomination of Jerome Powell as Chairman of the US Federal Reserve, a person who supports the direction of Raising the US interest rate soon to face inflation, and this development caused the price to collapse by nearly $70 over the course of this week’s sessions, which is a major development to bring the price of an ounce down to 1790 dollars.
There were several events that supported gold’s rise, including that the euro continued its decline against the US dollar, and settled at its lowest level since July 2020, to trade below the 1.13 level. The euros decline came after European Central Bank President Christine Lagarde warned against tightening monetary policy early. This comes at a time when many other central banks are increasingly opening their doors to the idea of raising interest rates early to curb inflation growth.
In a related context, the sterling pound witnessed some fluctuations during the trading of the third week of November, amid fears of high inflation and a return of cases of the Corona virus, and the data of the consumer price index in the United Kingdom showed that inflation rose to 4.2%, which is the highest level in nearly a decade. Many observers believe that high inflation may force the Bank of England to raise interest rates during the first quarter of 2022, events that had a magic effect on gold and caused it to rise significantly, but the nomination of Jerome Powell returned things to normal.
What events today, Friday, and how does the global market close? Today, November 26, 2051, the consumer price index is scheduled for Japan, which is one of the important economic data that leads to changes in the gold market, and Christine Lagarde, President of the European Central Bank, is scheduled to deliver a speech today. You may even touch on the issue of interest rates
Gold prices today, the market is still at balanced levels after a decline of 4 days, where 18 karat recorded 672 pounds, 24 karat recorded 897 pounds, 21 karat recorded 785 pounds, the gold pound 6280 pounds, and an ounce of gold 1790 dollars.