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Gold hits 4,600
The article discusses the disparity between global and local gold prices, as the yellow metal rose above $4,600 per ounce, driven by a decline in the dollar and changing expectations regarding U.S. interest rates. Gold prices experienced an increase after three weeks of gains, rising by approximately 14.2% during that period, as the market hesitated to raise U.S. interest rates due to weak economic indicators. This trend was reflected in the gold market within the kingdom, where the prices of grams went up, increasing the cost of gold jewelry for consumers. This may lead to a decline in demand for purchasing jewelry or a reduction in the weights bought, even as gold continues to be a part of savings options due to its rising value.
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