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Gold drops 50 pounds to 5800
Gold prices in the local market have decreased by 50 pounds, with 21-karat gold reaching 5,800 pounds. The price per gram of 18-karat gold has dropped to 4,971 pounds. This decline is driven by global pressures such as the strength of the US dollar and a decline in tech stocks, prompting investors to reduce their holdings. internationally, gold prices have fallen for the second consecutive time, nearing $4,050 per ounce, due to the rising dollar and expectations of interest rate hikes by central banks, amid increasing fears of inflation and continued bond yield increases.
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