Business

Gold prices declined locally and rose globally after the release of US inflation data

By Mary Nady

Gold prices fell in local markets on Thursday, while ounces rose in global equities as the dollar fell as U.S. inflation slowed, reinforcing expectations of an early interest rate cut in the coming period.

Saeed Embabi, CEO of the “iSagha” online gold jewelry trading platform, said that the price of gold in the local market fell by 30 pounds during today’s trading period compared to the transaction completed yesterday, making the price of 21 carats per gram lower. Gold recorded a value of 2970 Sterling, on the other hand, rose about $5, or 0.44%, to a record $2,043 an ounce, reflecting the dollar’s decline and a slowdown in U.S. inflation last January.

Embabi added that the price of one gram of 24-karat gold is Rs 3,394, the price of one gram of 18-karat gold is Rs 2,546, the price of one gram of 14-karat gold is approximately Rs 1,980 and the price of one gram of 18-karat gold is approximately Rs 23,760.

Gold prices fell £50 in Wednesday trading yesterday, with 21-karat gold opening at £3,050 per gram, hitting £2,980 levels and closing at £3,000, while gold prices rose £50 on global stock markets. 3 per ounce, opening at $2,032 and closing at $2,035.

In this regard, consumer price index data shows that the inflation rate, the main core indicator, has slowed down year by year.

The core price index of private consumption expenditures in January was 2.8% year-on-year, in line with expert expectations, while the last estimate was 2.9%.

Although the main base index price index rose month-on-month, the core price index for personal consumption expenditures in January increased by 0.4% month-on-month, from the previous value of 0.2%.

The most important private consumption expenditure price index was an annual rate of 2.4%, the previous value was 2.6%, and the monthly rate was 0.3%, in line with expectations.

U.S. weekly jobless claims rose to 215,000, Labor Department data showed, pointing to a weakening labor market.

As a result, the average number of unemployment claims over the four weeks reached 212,500.

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