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Cairo – Mubasher: Gold prices rose on the global stock market by 0.2 percent, at a value of $4, during the week’s trading ending yesterday evening, Friday, due to increasing fears of the escalation of the conflict in the Middle East region due to the air strikes on Yemen, which led to an increase in demand for gold as a safe haven.

Saeed Embabi, CEO of the “iSagha” platform for trading gold and jewelry online, said that gold prices rose in the local markets by about 5 pounds during today’s transactions, Saturday, and compared to the end of yesterday’s transactions, so that the price of a gram of 21 carat gold recorded about 3,260 pounds, coinciding with the holiday. Weekly report on the global stock market, after it closed yesterday at $2049.

He added that a gram of 24 karat gold recorded 3,726 pounds, a gram of 18 karat gold recorded 2,794 pounds, while a gram of 14 karat gold recorded about 2,174 pounds, and a gold pound recorded about 26,080 pounds.

Gold prices rose by 35 pounds in local markets during yesterday’s trading, Friday, as the price of a gram of 21 karat gold opened trading at 3,220 pounds, and concluded trading at 3,255 pounds, while an ounce rose in value by about 24 dollars, as trading opened at 2,025 dollars. , and transactions concluded at the level of $2049.

Mbabi pointed out that geopolitical tensions contributed to the rise in gold prices on the global stock market yesterday, after America and Britain launched an air strike on the Houthis in Yemen, and gold prices had declined following the release of US inflation data last Thursday.

The US Bureau of Labor Statistics revealed that the main and core consumer price indices rose on an annual basis in December, which reinforces the US Federal Reserve’s continuation of raising interest rates during the coming period.

The main consumer price index on an annual basis for the month of December recorded an increase of about 3.4 percent, and expectations indicated an increase of only 3.2 percent, after recording 3.1 percent last November.

On a monthly basis, the main inflation measure rose by 0.3 percent in December, and expectations were at 0.2 percent, while the reading recorded in November was 0.1 percent.

While the core consumer price index (excluding food and energy) recorded on an annual basis 3.9 percent in December, and experts’ expectations indicated an increase of only 3.8 percent, while last November’s reading recorded 4 percent.

On a monthly basis, it recorded 0.3 percent in December, which is what experts expected, and it is the same percentage recorded in the November reading as well.

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2024-01-13 12:28:54
#Jewelers #Geopolitical #tensions #contributed #rise #global #gold #prices

Direct: The US Securities and Exchange Commission denied, on Tuesday, its approval of launching exchange-traded funds to invest in “Bitcoin,” following a post on its official account on the “X” platform that claimed it had adopted the expected procedure.

Gary Gensler, head of the committee, said through his personal account in “X” that the authority’s account was hacked and an unauthorized tweet was published through it.

Gensler added that the US Securities and Exchange Commission has not yet approved the listing of spot ETF products for the cryptocurrency Bitcoin.

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2024-01-10 00:47:55
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Noha Makram – Live – The majority of Asian markets rose on Tuesday, recovering from a selling wave witnessed in the previous session, with the Nikkei index recording its highest levels in 33 years on the back of gains in technology stocks.

The index rose by 1.16% to close at its highest levels since March 1990 at 33,763.18, and the Topix index rose by 0.82% to close at 2,413.09.

Tokyo’s inflation rate slowed to 2.4% in December from 2.6% the previous month, while core inflation, which excludes volatile prices such as food, held steady at 2.1%, in line with expectations.

The Hang Seng Index in Hong Kong also rose by 0.34%, while the Chinese main index, the CSA 300, remained high by 0.29%.

While the South Korean KOSPI index fell by 0.26% to 2,561.24, making it the only index that slid into the red zone after Samsung Electronics, the heavyweight in the index, lowered its profit expectations for the fourth quarter of 2023.

During evening trading in the United States, the three major indices rose supported by technology stocks.

Nvidia shares rose 6.4%, reaching their highest levels ever, while Amazon shares jumped nearly 2.7%, pushing the Nasdaq index higher. Alphabet shares rose by 2.3%, while Apple shares rose by 2.4%.

The S&P 500 index also rose by 1.41%, and the Nasdaq Composite rose by 2.2%, which is the best performance for the index since the fourteenth of November.

The Dow Jones Industrial Average rose 216.90 points, or 0.58%, to settle at 37,683.01.

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2024-01-09 11:34:41
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Live: The majority of European stock indices rose, at the end of the first sessions of the week, on Monday, with a decline in sovereign debt yields in Germany, Italy, and the United Kingdom.

At the end of trading, the European Stoxx 600 index rose by 0.4% to 478.1 points, and gains were limited by the energy and mining sectors recording losses during the session.

While the British FTSE 100 index stabilized at 7,694 points, the German DAX rose by 0.75% to 16,716 points, while the French CAC index increased by 0.4% to 7,450 points.

The Sentix economic index for the euro zone rose to -15.8 points in January from -16.8 points, against expectations of an increase to -15.5 points. This gradual improvement indicates slightly more positive expectations, but it falls short of indicating a surge in investor confidence.

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2024-01-08 18:24:01
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Cairo – Mubasher: The Egyptian Stock Exchange said that the right to cash distributions for the Arab Cotton Ginning Company will end at the close of the session on Sunday, January 21.

The Stock Exchange stated, in a statement today, Thursday, that it was decided to distribute the Arab Cotton Ginning Coupon No. (23) at 0.250 pounds per share, effective January 24.

It is noteworthy that Arabian Cotton Ginning recorded a net profit of 400.52 million pounds from the beginning of July 2022 until the end of June 2023, compared to 208.25 million pounds in profits during the previous fiscal year.

Arabian Halij sales increased during the last fiscal year to 3.36 billion pounds, compared to 2.07 billion pounds during the previous fiscal year.

It is noteworthy that Arabian Cotton Ginning recorded independent profits for the last fiscal year (2022-2023), amounting to 79.17 million pounds from the beginning of July 2022 until the end of June 2023, compared to 34.22 million pounds in profits during the previous fiscal year.

Arabian Halij sales increased during the last fiscal year to reach 91.93 million pounds, compared to 68.78 million pounds during the previous fiscal year.

The company attributed the increase in annual profits to the increase in the amount of cotton ginned during the past season by 14%, on an annual basis.

Investment revenues also increased from 9 million pounds in June 2022 to 58 million pounds in June 2023. That is, an annual increase of 529%.

Among the reasons is also the increase in the yield on treasury bills from 10 million pounds in June 2022 to 14 million pounds in June 2023, with an annual increase of 33%.

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2024-01-04 07:12:51
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Direct: Dragon Oil Company, wholly owned by the Dubai government, announced the start of crude oil production from the Al Wasl field north of Safa in Egypt, which is the company’s first oil discovery there.

The operation of the Al Wasl offshore platform came after the successful implementation of the first phase of early production of the North Safa field, after the completion of the evaluation operations of the well south of Belayim, which was put on production at an initial rate of 3,000 barrels of crude oil per day.

The “North Safa” field, which was discovered in 2021 by “Dragon Oil”, is the largest oil discovery in the Gulf of Suez region during the last twenty years, with an oil reserve that exceeded 95 million barrels at the very least, which prompted “Dragon Oil” to adopt an ambitious project. For early production with a total investment of $200 million.

The company said in a statement today, Tuesday, that the Al Wasl field includes establishing a new offshore production platform and carrying out procedures such as extending a production line and an electricity line to operate oil production pumps in addition to water injection, in order to maintain high production rates and achieve the highest development rates for existing reserves.

The statement added that the company intends to complete the field development work as soon as possible, by connecting the second well south of Belayim 293-6 to the production line during the middle of this January, to raise the production capacity to 3,000 barrels of crude oil per day, bringing the offshore platform’s production to 6,000. A barrel of crude oil per day.

According to the plan agreed upon with the Egyptian authorities, Dragon Oil will drill 7 new wells during the next two years, aiming to reach 15,000 barrels per day of crude oil for the Al Wasl field.

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2024-01-02 15:18:57
#Dragon #Oil #raising #production #Egyptian #North #Safa #field #barrels #oil #day