Gold Prices Decline After Nine Consecutive Weeks of Record Gains

Gold markets have witnessed a significant decline after a period of record highs that lasted for nine weeks.

This decline is attributed to several factors, including the rising value of the US dollar, decreased demand in major Asian markets, and positive indicators regarding trade rapprochement between Washington and Beijing, which prompted investors to sell their holdings to realize profits.

Saeed Imbabi, CEO of the “I Sagha” platform for trading gold and jewelry, said that gold prices fell on Wednesday by about 120 pounds, with 21-karat gold recording about 5,470 pounds, while the price of an ounce globally fell by about $92 to reach $4,018.

24-karat gold recorded about 6,251 pounds, 18-karat gold about 4,689 pounds, and 14-karat gold about 3,647 pounds, while the price of a gold pound reached 43,760 pounds.

This decline comes after the ounce reached its highest historical level at $4,381 on Monday, before falling by 6.3% in Tuesday’s session, the largest daily decline since 2013.

Imbabi explained that this decline is considered a natural market correction after gains exceeding 31% within a few weeks, stressing that this movement is necessary to restore balance before resuming the potential upward trend in the future.