By: Mahmoud Gamal
Mubasher: Gold prices declined on Wednesday amid US dollar strength, despite the IMF’s downgraded forecasts on Tuesday for global growth.
Spot gold price slipped 0.4% to reach $1326.3 per ounce by 8:15 GMT.
The dollar went up 0.26% to 97.32 this morning.
Investors focused on profit taking achieved by the increase in prices seen since the coup attempt in Turkey, analyst Mousa Mohamed told Mubasher.
Gold prices will continue to go up due to uncertainty of global economic recovery, and the instability of global stock markets, added Mohamed.
Translated by: Moslem Ali
