Gold prices fell for a second time in today’s Tuesday trading as gold drop values have so far reached £35 after a wave of successive hikes in recent days, so gold lost part of the gains made over the last couple of weeks, and the market started to drop by £15 and then dropped by £20 again.
And a source in the gold market revealed that consumers tended to sell gold jewelry to make big profits after gold’s all-time highs in recent days, and the sale of gold caused some decline in the precious metal, and prices could see more dips in the next few hours should the sales continue.
Gold prices fell by £35 today, Tuesday, to record prices of £1820 per gram of 21-carat, which is Egypt’s best-selling, without adding labor for the first time in the history of gold prices.
Gold prices today:
18 karat registered 1560 pounds.
21 carats, 1820 pounds.
And 24 carats registered 2080 pounds.
And the gold pound is £14,560.
In global gold prices, there was little change in gold prices on Tuesday 6 December, with the dollar stabilizing after posting its biggest jump in two weeks in the previous session, while fears of a major US rate hike by the Federal Reserve continued.
Gold stabilized in spot transactions at $1769.99 an ounce, and US gold futures contracts were unchanged at $1781.20 an ounce.
Gold fell after hitting a 5-month high, closing down 1.6% as the dollar rallied after data fueled speculation that the US Federal Reserve could raise interest rates more than expected recently.
OANDA chief market analyst Edward Moya said financial markets had to raise expectations of a rate hike from the US Federal Reserve after a pay hike in November.
“However, gold has rallied slightly since early November and a steep decline does not seem warranted as the economy slows down and inflation is expected to decline steadily here.
