Gold prices on the global stock exchange fell by 1.5% and by $36 during trading in the week ending Friday evening, affected by shrinking expectations of an early cut in US interest rates.
Saeed Imbaby, Executive Director of the "iSaaga" online platform for trading gold and jewelry, said that gold prices in local markets witnessed a state of stability during today's trading, compared to the close of trading yesterday, to record the price of a gram of 21-karat gold at 3090 pounds.
This coincided with the weekly holiday of the global stock exchange, after the ounce closed yesterday evening at $2301.
Imbaby added that a gram of 24-karat gold recorded 3532 pounds, a gram of 18-karat gold recorded 2649 pounds, while a gram of 14-karat gold recorded about 2060 pounds, and the gold pound recorded about 24,720 pounds.
Gold prices had risen by 5 pounds during trading last Friday, as the price of a gram of 21-karat gold opened trading at 3085 pounds and closed at 3090 pounds, while the ounce fell by about $4, as it opened trading at $2305 and closed at $2301.
In a related context, gold held its ground at the end of trading last Friday, after the release of US jobs data, which once again raised hopes for an early cut in interest rates to avoid the US economy falling into a recession.
Markets had reduced expectations of a rate cut this year, following the US Federal Reserve's decision to hold rates steady, as well as statements by Jerome Powell.
A US jobs report revealed a slowdown in hiring in April, along with a rise in the unemployment rate, as average hourly wages fell both annually and monthly.
He added that the US economy added 175,000 jobs in the private sector in April, while experts had expected 238,000 jobs to be added, and the private non-farm sector also added 167,000 jobs in April.
Meanwhile, the US unemployment rate stood at 3.9% in April, average hourly wages on a monthly basis were 0.2% in April, and on an annual basis, average wages were 3.9%.
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