Gold prices in Egypt rose today, Tuesday, at the beginning of trading, by about 15 pounds, and a gram of 21 karat gold, which is the best-selling gold in Egypt today, recorded 3,235 pounds per gram, compared to 3,220 pounds, amid continuous changes in gold prices today.
Gold prices today:
24 karat records 3697 pounds.
21 caliber costs 3235 pounds.
18 karat weighs 2773 pounds.
14 karat weighs 2157 pounds.
The gold pound is 25,880 pounds.
Gold prices on the global stock market
Gold began the first trading session of 2024 on an upward note after achieving significant gains during the last three weeks of last year. This comes before the release of the minutes of the Federal Reserve meeting and the government jobs report on the United States this week.
Spot gold opened trading today, Tuesday, at the level of $2062 per ounce, recording the highest level at $2078 per ounce, up by 0.8%, to trade at the time of writing the Gold Bellion technical report at the level of $2075 per ounce.
The markets’ focus is now turning to the minutes of the Federal Reserve meeting issued this week in an attempt to learn more signals and clarification about the future of US interest rates. The Federal Reserve, in its last meeting last December, indicated the end of the cycle of raising interest rates.
Fed members’ expectations indicated a rate cut during 2024 by 75 basis points, while the markets believe that the bank will cut rates further and begin early this year, specifically next March.
Market expectations now indicate a 70% expectation that the bank will cut rates by 25 basis points at the next March meeting. The total interest rate cut this year will reach 125-150 basis points.
Also, the markets are now focusing directly on the non-farm payrolls data in the United States for the month of December, which is scheduled to be released next Friday, and the reading is expected to show a further slowdown in the labor market is the trend that is likely to put more pressure on the bank. Fed to consider cutting interest rates early.
Expectations indicate that the US economy recorded 168 thousand jobs during the month of December, less than the previous reading of 199 thousand. Expectations also indicate an increase in the unemployment rate by 3.8% from the previous reading of 3.7%.
Inflation and the labor market slowed significantly during 2023, but price pressures remain well above the Federal Reserve’s 2% annual target.
Fed members warned in December that the central bank would need to see further declines in both inflation and employment to consider cutting interest rates early. Fed members also warned that bets on early rate cuts by the Fed were excessive. optimism.
It is worth noting that the US dollar opened trading today with an increase of 0.2%, recording an increase for the third session in a row, moving away from the lowest level in 5 months that gold recorded last week according to the dollar index. The yield on US government bonds for 10 years also rose to record the highest level in two weeks. At 4.024% after bond yields fell in December.
2024-01-02 11:35:00
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