By: Mahmoud Gamal
Mubasher: Gold Prices continued to fall on Monday, in line with the rise of global stocks as the US Federal Reserve is moving closer to raising interest rates this week.
Gold prices fell 0.03% to reach $1,159.2 per ounce by 4:15am GMT, while gold futures declined 0.14% to stand at $1,160.25 per ounce.
Most indicators like the rise of consumer confidence to its highest level since July 2007 and the fall unemployment rate to 4.6% increase the possibility of raising US interest rates, Sabaek CEO Rajab Hamed told Mubasher.
The rise of the Dow Jones Industrial Average and NASDAQ composite index to unprecedented levels led to a decline in gold prices.
Translated by: Julian Nabil
