Gold prices fell in Algeria, during trading this evening, Friday, October 1, 2021, amid a slight decline in the prices of the yellow metal globally.
Gold price in Algeria today
The price of a gram of 24 karat gold in Algeria was about 7771 dinars ($ 56.52).
And the price of a gram of 21 carat gold in Algeria (the most traded in the market) was about 6800 dinars ($49.46).
The price of a gram of 18 karat gold in Algeria was about 5828 dinars ($ 42.39).
As for economic gold prices in Algeria, the price of a gram of 14-carat gold scored about 4,533 dinars ($32.79).
The price of a gram of 12-carat gold scored about 3,883 dinars ($28.26).
Gold price per ounce and pound
The price of an ounce in Algeria was about 241,675 thousand dinars (1,758 dollars). And the price of the gold pound in Algeria (8 grams of 21 karat) was about 54,398 thousand dinars (395.68 dollars).
Gold prices today
Gold fell on Friday, as the dollar rose thanks to speculation of an increase in interest rates, but the yellow metal is still holding above the important technical support level of $1750 and is on track to achieve a limited weekly gain, as concerns about rising inflation and growth are hurting risk appetite.
Spot gold fell 0.2% to $1,753.67 an ounce by 0915 GMT. US gold futures fell 0.2% to $1,754.30.
But the yellow metal is still up about 0.2% in the week, as the dollar’s decline yesterday, Thursday, contributed to gold recording a jump of about 2%.
Gold was also supported, as European shares fell after the decline of Wall Street and Asia on expectations that euro zone inflation may jump, in light of slowing economic growth.
But some analysts said expectations that the Federal Reserve is likely to gradually reduce its economic support this year continues to pressure gold, as lowering stimulus and increasing interest rates tend to push up government bond yields, increasing the opportunity cost of holding gold.
As for other precious metals, silver fell 0.1% to $22.22 an ounce. Platinum rose 0.2% to $965.11, and palladium fell 0.6% to $1,898.55.