24-karat and 18-karat gold prices stabilize today
The gold pound maintained its price in line with the movement of carats. This calm in prices comes amid investors' anticipation of global economic data that may determine the direction of the precious metal in the coming period.
The price of an ounce of gold rose 2% last week, reaching a record high of $3,791 per ounce. Gold opened the week at $3,687 per ounce and closed at $3,759 per ounce
24 karat gold is worth 5,800 pounds
21 karat gold is priced at 5,075 pounds.
18 karat gold is sold for 4,350 pounds.
The gold pound is 40,600 pounds
The sharp upward trend in global gold pricescontinued , marking six consecutive weeks of gains, reaching a new all-time high this week. Gold prices have risen more than 43% since the beginning of the year
was affected by a number of developments over the past week , most notably statements from Federal Reserve members, led by Chairman Jerome Powell, who stated that the central bank needs to continue to balance the competing risks of rising inflation and a weak labor market in its upcoming interest rate decisions.
Powell noted the growing uncertainty surrounding the US economy, stating that there is no risk-free path to lowering interest rates while curbing inflation and maintaining job growth
Powell's comments came just one week after the Federal Reserve cut interest rates by 25 basis points as expected and signaled plans to further ease monetary policy. Gold rose sharply after the move, as lower interest rates make non-yielding assets like gold more attractive.
In addition, concerns about US tariffs have resurfaced after US President Donald Trump announced a new round of punitive tariffs on a wide range of imported goods, effective October 1, most notably a 100% tariff on all pharmaceutical imports
This move exacerbated uncertainty about the economic impact of Trump's tariffs and triggered a wave of risk aversion in broader financial markets. This, in turn, spurred some safe-haven flows into gold.
Monthly personal consumption expenditures data for the US economy came in in line with expectations, although personal income and spending were higher than forecast. However, this data may not prevent the Federal Reserve from proceeding with another cautious interest rate cut at its October meeting
Investors now see an 88% chance of a rate cut in October and a 65% chance of another cut in December.
The Commodity Futures Trading Commission's detailed Commitments of Traders report, which shows speculative gold positions for the week ending September 23, showed that individual traders, funds, and financial institutions increased their long gold futures positions by 6,030 contracts compared to the previous report, while short positions increased by 5,691 contracts.
The report, which covers the previous period, reflects a recent surge in speculative demand for goldbuying and selling due to growing expectations of interest rate cuts by the US Federal Reserve