Algiers, November 7, 2024 – The Algerian gold market was strongly influenced by international fluctuations this Thursday, November 7. After an initial decline linked to global trends, the price of gold in Algeria finally rebounded.
This fall is directly linked to the Donald Trump’s victory in the American presidential election. Investors, concerned about future economic directions under the Trump administration and the potential impact on US interest rates, are adopting a prudent attitude.
The uncertainty that reigns in the global financial markets is thus having repercussions on the local gold market. THE gramme d’or 24 carats reached a level around 11 430 ADunder the effect of sluggish demand and the volatility of world prices.
In this article, we will take stock of the prices of gold in Algeria for the different carats (18 carat being the most common in Algeria) and we will look at the experts’ forecasts regarding the future evolution of prices, in light of the local and international economic context.
Gold price in Algeria this Thursday, November 7, 2024
Thus, according to the latest quotes, the gramme d’or 24 carats is exchanged at 11 435 ADor approximately 86 US dollars.
For gold 18 caratsthe price also experienced a fluctuation, settling at 8 577 ADequivalent to 64 US dollars.
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For the price of l’once d’or (a unit of mass whose value is between 25 and 34 grams), the latter reached 355 678 DAwhich is equivalent to 2,664 US dollarsagainst 355 811 DA previously, or 2 665 US dollars.
Price of gold bars: 5g, 10g, 50g and 500g
The price of a one gram gold bar has reached 12 579 AD (approximately 83.39 US dollars) this November 7. Prices for other weights have also been set as follows:
- An ingot of 2,5 grammes : 30 018 DA (225 USD)
- An ingot 5 grammes : 59 464 DA (445 USD)
- An ingot 10 grammes : 117 555 DA (880 USD)
- An ingot 20 grammes : 233 510 DA (1 749 USD)
- An ingot 50 grammes : 579 772 DA (4 342 USD)
- An ingot 100 grammes : 1 157 256 DA (8 666 USD)
Algerian gold follows global bearish trend
Experts expect gold prices to continue to fluctuate in the coming days. This instability is mainly due to the prospects of a fall in US interest rates.
If the US dollar continues its downtrendit is likely that the price of gold will experience a increase progressiveboth in international and local markets.
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In Algeria, analysts estimate that the price of a gram of gold should stabilize between 10,000 and 12,000 DA in the coming weeks. This range takes into account the current volatility of global markets.
It is worth noting that in recent weeks the price of gold has reached record highs, with one gram of imported gold exceeding the 22 000 AD and local gold close to 18 000 DA. C
this outbreak, which represents an increase in more than 20% in just one monthcan be explained by several factors, including global geopolitical tensions.
Experts advise gold investors to closely monitor market developments in order to seize possible price drops and make timely purchases.
