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Gold drops to 7-week low globally
Today, the gold market experienced a significant decline, with the global gold price dropping by 3%, reaching its lowest level in over seven weeks. This decline was driven by rising oil prices and expectations of an increase in U.S. interest rates, which led to higher holding costs for gold and short-term volatility. Locally, the price of 21-karat gold per gram decreased by 140 pounds to reach 6,120 pounds. There are also expectations of a potential increase in U.S. interest rates by 70.3% in October, following the Federal Reserve's previous rate hike. Additionally, prices of other metals such as silver, platinum, and palladium declined noticeably.
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