I witnessed Gold prices in Egypt today Sunday, December 24, 2023, an increase of about 20 pounds, and a gram of 21 karat gold, which is the best-selling gold in Egypt, recorded 3,050 pounds amid a great demand for buying gold in Egypt.
Gold prices today:
24 karat records 3486 pounds.
21 carat costs 3050 pounds.
18 karat weighs 2614 pounds.
14 karat records 2033 pounds.
The gold pound is 24,400 pounds.
Global gold:
Global gold prices witnessed an increase during the trading week ending with support from expectations of interest rate cuts by the Federal Reserve Bank, with gold ending the week’s trading at its highest levels in two weeks, with the possibility of achieving more gains during the coming period.
Gold prices rose last week by 1.7% to conclude the week’s trading at the level of $2053 per ounce. It had recorded the highest level in two weeks at $2070 per ounce. The global price of an ounce also witnessed an increase for the second week in a row, closing for four consecutive weeks above the level of $2000 per ounce, while This week’s trading closed above the $2,050 per ounce level, which opens the way to the $2,100 per ounce level.
Market expectations of a US interest rate cut early next year have mainly contributed to supporting gold prices, in light of the economic data issued by the United States of America confirming these expectations, according to Gold Billion’s analysis.
Reasons for the rise in gold
The gross domestic product data for the United States during the third quarter of the year, which revealed a contraction in growth to 4.9% from the previous reading, which indicated a growth of 5.2%, contributed to the rise in gold because it is an indicator of the Federal Reserve’s intention to reduce interest rates soon. In addition to this, the Philadelphia Performance Index decreased. The American industrial sector rose sharply to record -10.5, compared to the previous low reading of -5.9%, which indicates that the American economy has begun to truly suffer as a result of the cycle of interest hikes by the Federal Reserve for the purpose of fighting inflation.
Data on the Personal Consumption Expenditures Index, which is the preferred inflation indicator of the US Federal Reserve, was also released. The index at the annual level during the month of November showed a decline in inflation to 2.6% from the previous reading of 2.9%, while the annual core index, which excludes fluctuation factors, showed a decline to 3.2% from 3.4. %.
These data contributed to increasing market expectations that the Federal Reserve will accelerate its rate-cutting operations, due to the emergence of a slowdown in various sectors of the American economy, in addition to the movement of inflation in the direction of decline at a rapid pace that may be faster than the Federal Reserve’s expectations, which increases expectations that the Federal Reserve will resort to… To cut rates soon.
2023-12-24 08:55:00
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