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الوطن
Gold drops 1.7 percent
Gold prices declined by more than 1.7% during Wednesday's trading, with the ounce reaching approximately $4,086, the lowest level since October 7. This decline was driven by the rising US dollar and Treasury bond yields, following data indicating that the Consumer Price Index in the United States increased by 0.6% in September. These figures bolster expectations that the Federal Reserve will raise interest rates again in October. Such expectations reduced the appeal of gold, which does not offer periodic income, compounded by the dollar's strengthening that increased purchase costs and impacted global demand. On the local level in Saudi Arabia, gold prices were also affected, with the price of 24-karat gram reaching about 500 riyals, and 22-karat gram around 458 riyals, amid continued local price fluctuations in line with global ounce movements.
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