Gold plunges 1% after 4-day gain streak as USD strengthens
Updated 12/2/2024 12:04:00 PM
Arab Finance: Gold prices fell by 1% on December 2nd, ending a four-day rally, as a stronger US dollar weighed on the precious metal.
Investors turned their attention to upcoming economic data and comments from Federal Reserve officials for insights into the future direction of US interest rates.
Spot gold dropped 0.9% to $2,630.99 per ounce by 09:06 GMT, after having earlier slipped by 1% during the session.
US gold futures saw a similar decline, falling 1.01% to $2,653.80.
The dollar index gained 0.5%, on track for its best performance in over a week, which made gold, priced in US dollars, more expensive for holders of other currencies.
In Egypt, the gold price per 21-karat gram was EGP 3,675 for selling, EGP 4,200 for selling 24-karat gram, and EGP 3,150 for selling 18-karat gram, according to iSagha.
Related News
