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After a week of stability, gold prices rose locally, today, Saturday, September 4, 2021 08:58 am
Today, Saturday, gold prices recorded an increase of between 10 and 30 piasters per gram, after a full week of stability, according to the daily price issued by the General Syndicate of Owners of Jewelery and Jewelery Trade and Crafting.
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According to the pricing, the selling price of a gram of 21-carat gold, which is most in demand in the local market, rose to 37.4 dinars, and 35.8 for purchase purposes.
The selling price of a gram of 24-carat gold also increased to 44.4 dinars, and the purchase value of 41.3 dinars, and 18 carats also recorded an increase, as the selling price of one gram reached 33.4 dinars, and the purchase value of 30.4 dinars.
Gold rose about 1 percent to its highest level in two and a half months in trading on Friday, as slower-than-expected US job growth in August pushed the dollar lower, casting doubt on the timetable for the Fed to scale back its asset purchases.
And the spot gold price rose 0.92 percent to $ 1,826 an ounce, after hitting its highest level since mid-June at $1,833.80, to achieve a fourth consecutive weekly gain.
US gold futures rose 1.02 percent to $1,830.
And job growth in the United States came in much less than expected in August, amid a jump in Corona injuries.
The dollar index fell shortly after the report was released, which boosted gold’s attractiveness to those holding other currencies.
Fed Chairman Jerome Powell said last week that if job growth continues, the Fed may begin to reduce asset purchases this year, but will remain cautious about raising interest rates.
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Some investors view gold as a hedge against higher inflation that may follow stimulus measures, while lower interest rates reduce the opportunity cost of holding non-yielding bullion.
Market focus will turn to this month’s FOMC meeting.