Today’s gold price in Egypt

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
#Gold #prices #today #Sunday #December #21carat #gram #costs #pounds #Youm7

Books – Islam Saeed Saturday, December 23, 2023 04:00 PM

Saw prices gold The global trend rose during the week ending trading, supported by expectations of interest rate cuts by the Federal Reserve, 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 level of $2050 per ounce, which opens the way to the level of $2100 per ounce.

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 GDP 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 Index for the Performance of the US Manufacturing Sector declined sharply to record – 10.5, compared to the previous low reading of – 5.9%, which indicates that the US economy has begun to truly suffer as a result of the interest rate hike cycle 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.

The chances of a rate cut in March in the markets rose to more than 75% after the US inflation data, despite statements by Federal Reserve members who tried to calm the markets’ reaction to expectations of a US rate cut during the ending week.

2023-12-23 14:00:00
#gold #rise #global #stock #market #week #seventh #day

Islam Saeed wrote Friday, December 22, 2023 01:54 PM It rose gold pricesto record the highest level in nearly 3 weeks during today’s session on Friday, supported by the decline in the levels of the US dollar after the lower-than-expected growth data that was issued yesterday, while the markets today await the release of US inflation data, which will have a major impact on gold’s movement today.

The spot gold price recorded an increase today, Friday, by 0.4%, to record the highest level in nearly 3 weeks at $2055 per ounce, breaching the $2040-$2050 resistance area. per ounce Which prompted gold to fluctuate below it for nearly two weeks, according to Gold Billion’s analysis.

Gold’s rise today comes after it closed yesterday above the level of $2040 per ounce at $2045, up by 0.7%, and the price was unable to achieve a daily close above this level for two weeks.

Gold gained significant positive momentum during yesterday’s session after the GDP data for the United States during the third quarter of the year, which showed growth shrinking to 4.9% from the previous reading, which indicated growth of 5.2%.

In addition to this, the Philadelphia Index for the performance of the US industrial sector fell sharply to record – 10.5, compared to the previous low reading of – 5.9%, which indicates that the US economy has begun to truly suffer as a result of the interest rate hike cycle by the Federal Reserve for the purpose of fighting inflation.

These data contributed to increasing market expectations that the Federal Reserve will accelerate interest rate cuts, due to the emergence of a slowdown in various sectors of the US economy, bringing the odds of a rate cut in March to more than 70%.

As for the US dollar, it declined significantly yesterday after the weak US data, with the dollar index recording a decline of 0.6% and recording its lowest levels in 5 months, on its way to recording a weekly decline of 0.8%, which is a decline for the second week in a row.

The yield on US government bonds is trading near the lowest level in 5 months recorded this week at 3.381%, as the yield decreased this week by 1.3% to record a decline for the third week in a row.

Today, the markets are awaiting the release of the Federal Reserve’s preferred inflation index for the United States, which is the core personal consumption expenditures index that excludes fluctuation factors. The index for November is expected to show an increase of 0.2%, unchanged from the previous reading, while the annual index is expected to decline to 3.4% from the previous reading of 3.5%.

The index reading is taken into account by the Federal Reserve when assessing the performance of inflation and the US economy. If the reading falls below expectations, this will increase expectations in the markets that the Fed may resort to cutting interest rates early next year, and market bets on a rate cut at a meeting are increasing. March 2024.

This will, of course, increase negative pressure on the levels of the US dollar and thus will positively affect gold prices, which have an inverse relationship with the dollar and with US government bond yields.

2023-12-22 11:54:00
#Global #gold #prices #await #inflation #ounce #records #Seventh #Day