Gold prices witnessed a noticeable decline after falling in the previous session as a result of profit-taking operations, as investors focused on evaluating the impact of the new US tariffs, awaiting the expected talks between Washington and Tehran this week.
In terms of prices in the local market today, a gram of 24-karat gold was about 7,977 pounds, while 21-karat gold was about 6,980 pounds, and 18-karat gold was about 5,982 pounds, while the price of a gold pound reached 55,840 pounds.
US inflation data affects gold
On the economic side, US data showed a rise in inflation rates according to the Federal Reserve’s preferred indicator, which reinforced expectations that interest rates may remain at their current levels for a longer period. At the same time, the dollar declined against a basket of major currencies during trading, but maintained its proximity to the highest monthly level recorded last week, which contributed to limiting any potential rise in gold prices.
