Gold prices decreased today in Jordan, Friday, December 16, 2022, for the second day in a row, despite its global rise.
Global gold prices rebounded during today’s morning trading, to compensate for some of the losses it suffered during yesterday’s trading, Thursday.
These losses came in the wake of the US Federal Reserve (the central bank) raising interest rates by about half a percentage point to reach 4.5%, raising interest rates for the fifth time in a row, albeit at a rate less than the previous four times by a quarter of a percentage point.
Over the course of the year, the reserve raised interest rates by about 0.75 points for four consecutive times.
This is the price of gold today in Jordan
The price of a gram of 24-carat gold in Jordan today was 40.69 dinars (57.37 dollars), compared to 40.86 dinars (57.61 dollars), during Thursday’s trading, according to “gold-label-at the present time“.
The price of gold today in Jordan is 21 karat
Likewise, the price of a gram of 21 carat gold decreased today in Jordan to 35.60 dinars (50.20 dollars), compared to 35.75 dinars (50.41 dollars), during yesterday’s trading, Thursday.
The purchase price of 18 karat gold today in Jordan decreased to 30.52 dinars ($43.03), compared to 30.65 dinars ($43.21) yesterday.
The gold price of the pound in Jordan
As for the gold price today in Jordan, it recorded 284.84 dinars ($401.58).
The price of an ounce of gold also fell to 1265 dinars (1784 dollars).
Global price movements of gold
Gold prices rose slightly today, Friday, with the decline of the dollar, but the yellow metal, which does not yield a return, is now on its way to record a weekly loss, as the Federal Reserve (the US Central Bank) expects that interest rate hikes will continue for a longer period.
Gold in instant transactions rose 0.2% to $ 1780.78 an ounce by 0621 GMT. US gold futures increased 0.1%, recording $1,789.
The dollar index fell 0.2%, making gold less expensive for buyers from abroad.
Clifford Bennett, chief economist at ACY Securities, said gold was trying to stabilize but was still under pressure due to volatility surrounding inflation and the outlook for Fed rate hikes.
Gold prices fell by nearly 1% during the week so far, retreating sharply from the highest level in five and a half months since the US Central Bank’s decision on Wednesday to raise interest rates by 50 basis points, as expected, and Chairman Jerome Powell said that more hikes will take place next year, despite The economy slips into recession.
Gold is known as a hedge against inflation, but high interest rates tend to weaken its attractiveness because it increases the opportunity cost of holding non-returnable metal.
Meanwhile, India raised the primary import price of gold and silver late Thursday evening. India is the world’s largest importer of silver and the second largest importer of gold.
As for other precious metals, silver rose 0.2% to $23 an ounce, but it has so far recorded a decline of 2%.
Platinum rose 0.6% to $1,000.54, and palladium rose 1.5% to $1,817.88, but was on track to record its biggest weekly decline in two months.