Gold prices stabilized in Algeria during trading this evening, Sunday, June 20, 2021, amid a holiday for global markets.
The global market holiday came at the end of a bad week for gold, which witnessed a sharp decline.
The price of a gram of 24 karat gold in Algeria remained at 7624 dinars ($ 56.76), and the price of a gram of 21 karat gold in Algeria remained at 6671 dinars ($ 49.66).
The price of a gram of 18 karat gold in Algeria settled at 5718 dinars ($ 42.57).
As for economic gold prices in Algeria, the price of a gram of 14 karat gold scored about 4447 dinars ($ 33.11), and the price of a gram of 12 karat gold recorded 3812 dinars ($ 28.38).
Gold price per ounce and pound
The price of an ounce in Algeria stabilized, during Sunday’s trading, at 237,107 thousand dinars ($1756).
And the price of the gold pound in Algeria (8 grams of 21 karat) remained at the level of 53,369 thousand dinars (397.30 dollars).
At the end of the week’s trading, on Friday, gold prices rose 1%, benefiting from the halt in the dollar’s rise.
But the rally was only part of the yellow metal’s large losses driven by the Federal Reserve’s shift towards a monetary tightening tone.
And gold rose in spot transactions 1.1% to $ 1792 an ounce (an ounce) by 1139 GMT, but it fell 4.5% in the week.
US gold futures gained 1% to $1,792.40.
ABN Amro analyst Georgette Boelly said gold was helped by some bargaining after sales of the yellow metal and the dollar’s “hanging in” rise.
The US central bank indicated on Wednesday that it will consider reducing its asset purchase program at each meeting it holds, and has brought forward expectations of the first post-pandemic interest rate increases to 2023.
After the monetary tightening comments from the Federal Reserve, the dollar jumped to a two-month high and is heading for its best week in nearly nine months.