Gold prices may stay under pressure soon
Date
11/13/2024 8:42:01 AM
(MENAFN) Economic analysts and specialists in the financial market have expected that the gold prices are going to be stay under pressure in the near future, since markets are waiting essential US statistics that might impact the conclusions of upcoming fiscal laws, according to the fluctuations in gold prices recently.
Addressing Qatar News Agency (QNA), they attributed these fluctuations to various socioeconomic factors, emphasizing that one of the primary economic influences behind recent price declines has been the reduction in hedge fund allocations to gold.
Gold prices have witnessed an important decrease through the previous couple of years, following surging by over 19 percent since the start of the current year, and around 13 percent in the previous year, during expectations that pressure on prices are going to remain in the future period.
Internationally, price of gold in spot transactions dropped by 0.3 percent, reaching nearly USD2315.34 per ounce, whereas gold futures decreased by 0.6 percent to USD2328.60. This follows an increase of USD38.90 last Tuesday, ending at USD2467.80 per ounce, whereas in Qatar, gold prices were hugely decreased, since the price of 24-carat gold per gram fell to approximately SAR 281.87 (USD75.02) on Friday after reaching SAR 287.72 (USD76.58) on Wednesday.
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