Gold prices rose in Palestine today, Saturday, January 29, 2022, despite the precious metal recording the worst weekly performance globally since November.
Gold price today in Palestine
The price of a gram of 24 carat gold in Palestine rose during evening trading today, to about 184.59 shekels ($57.64).
And the price of a gram of 21 carat gold increased in today’s trading in Palestine, to about 161.52 shekels ($50.44).
The price of a gram of 18 karat gold also rose in the evening trading today in Palestine, to about 138.44 shekels ($43.23).
Regarding economic gold transactions today in Palestine, the price of a gram of 14-karat gold rose to about 107.68 shekels ($33.62).
The price of an ounce and a pound of gold in Palestine
And the price of an ounce of gold recorded during evening trading today in Palestine, rising to about 5741 shekels (1793 dollars).
While the price of the gold pound during today’s trading in Palestine reached about 1292 shekels ($403.49).
Global gold prices
Globally, gold prices fell when settling Friday’s trading session (the last session of the week), to record the worst weekly performance since last November, after the Federal Reserve’s indications to raise interest rates next March.
And the comments of Federal Reserve Chairman Jerome Powell weighed on gold price movements during the past week, after he stated that the Open Market Committee is considering raising the interest rate next March, if the economic conditions are appropriate.
The US central bank decided this week to keep the interest rate at a range between zero and 0.25% unchanged, indicating in its statement to end the asset purchase program in March and raise interest rates soon.
Edward Moya, chief market analyst at OANDA, told Reuters that the current market situation will reflect negatively on gold’s movements, as investors seek to assess the Fed’s outlook.
Economists at Bank of America expected the US central bank to raise the interest rate 7 times this year, to meet the rising inflationary pressures.
Yesterday, the US Department of Commerce data showed that the consumption expenditures index, which excludes energy and food, rose by 0.5% on a monthly basis, and the index increased by 4.9% on an annual basis, the largest pace since September 1983, which reflects the acceleration of inflation.
And the Federal Reserve’s decision last week supported the rise of the dollar, which is heading to record the largest weekly rise in seven months, which raised the cost of buying gold for holders of other currencies.
The price of gold futures contracts for April delivery decreased by 0.5%, or $8.40, to reach $1,786.60 an ounce upon settlement.
In the total trading last week, gold recorded a weekly loss of more than 2%, after rising for two consecutive weeks.
The dollar index, which measures the performance of the US currency against a basket of six major currencies, recorded a marginal decline of 0.03% at 97.227 points.
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