Islam Saeed wrote Wednesday, August 23, 2023 09:57 AM
Today, Wednesday, gold prices are witnessing remarkable stability at 2260 pounds per gram of 21 karat, which is the best-selling in Egypt, while the global price of gold is witnessing a decline below $ 1,900, so that an ounce remains near its lowest level in 5 months due to the high yield of US bonds.
Gold prices in Egypt today:
24 karat records 2583 pounds.
21 karat records 2260 pounds.
18 karat records 1937 pounds.
The gold pound is 18,080 pounds.
gold in the global stock exchange
Federal Reserve Chairman Jerome Powell’s speech this week may contribute significantly to anticipating the performance of the bank’s monetary policy during the coming period, and Powell is expected to indicate that the Fed has been able to reduce the main inflation to the target range, which would help relieve negative pressure. On the prices of gold and other precious metals.
Powell’s neutrality in his speech, or any indication that the monetary tightening policy is approaching its end, will push the US dollar to decline, and this will reflect positively on gold prices to start recovering again.
Ebbing fears of a US slowdown limit gold’s chances
After the resilient performance of the US economy and the moderate economic data issued by the US employment sector, expectations began to recede regarding the US economy falling into recession, and some began to see that the series of interest rate hikes by the Federal Reserve since March of last year did not harm the economy as much as it was. is expected.
Now expectations indicate a moderate slowdown or less than expected growth, which negatively affected the attractiveness of gold for investment, as gold plays the role of a safe haven in periods of economic recession and crises, but the strong performance of the US economy so far deprives gold of this role.
2023-08-23 06:57:00
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