Prices have seen gold Today in Egypt, a decrease of about 30 pounds, to record a gram of 21 carat gold, which is the best-selling in Egypt, 1800 pounds per gram, with the global price of gold dropping to 1917 dollars in today’s trading.
Gold prices today:
18 karat recorded 1543 pounds.
21 karat recorded 1800 pounds.
24 karat, a record of 2057 pounds.
The gold pound is 14,400 pounds.
Gold prices rose last week on the global stock exchange and closed in the positive zone, as gold regained its strength and rose above $ 1900 an ounce for the first time in seven months before the weekend, closing the fourth consecutive week in the positive zone, according to the Gold Billion report.
The Gold Billion report added that the Federal Reserve’s cautious expectations dominated the financial markets at the beginning of last week, after US data showed that wage inflation and price inflation in the United States declined in December, and with the decline in the US Treasury bond yield for 10 years, about 3.5%, The inversely correlated gold managed to reap more gains by the end of the week.
In contrast, the US dollar struggled to continue rising in the absence of high-impact data and refrained from taking big bets ahead of Thursday’s highly anticipated US inflation data, according to gold pullion’s technical analysis report.
The US Bureau of Labor Statistics reported that the Consumer Price Index (CPI) fell to 6.5% on an annual basis in December from 7.1% in November, matching market expectations. On a monthly basis, the CPI decreased by 0.1%. In addition, the CPI rose Core consumers, which excludes volatile food and energy prices, increased by 0.3% in November, but the annualized rate eased to 5.7%.
With the initial reaction to that data, the US dollar came under heavy selling pressure, and gold rose above $1,900 for the first time since May last Thursday, according to Gold Billion.
And the report continued that gold got support after the 10-year US Treasury yield fell to less than 3.5% for the first time in three weeks, which led to a rise in the price of gold in the second half of the week, after the head of the Federal Reserve Bank of Philadelphia Patrick Patrick said. Harker and Atlanta Fed President Rafael Bostick expressed their support for a 25 basis point Fed rate hike in early February, adding to expectations of a slowdown in the current Fed’s pace of monetary tightening, and gold held on to gains and ended up up nearly 2% on the day. weekly basis.
In terms of the local market, the price of gold in Egypt set a record high of 1900 pounds last week for 21 carat, after it started trading last week at a price of 1790 pounds per gram. As the dollar climbed to its highest level ever against the Egyptian pound, to 32.21 pounds on Wednesday, and the increase in gold prices locally came after the International Monetary Fund experts’ report was issued on Tuesday about the new loan program in Egypt, which requires greater flexibility in the exchange rate and expects further decline. for the Egyptian pound.
Gold market forecast
Market participants will be watching China’s fourth-quarter gross domestic product (GDP) data tomorrow, Tuesday, along with retail sales and industrial production figures for December in the US. The market will also look forward to retail sales for December on Wednesday, since this data is not adjusted for changes prices, it is unlikely to have a significant impact on risk sentiment or the valuation of the US dollar.
In the coming week, investors will also follow the fourth-quarter earnings numbers. Morgan Stanley, Goldman Sachs and Netflix Inc are among the prominent companies that will announce their earnings next week, and the performance of the main indicators on Wall Street could provide additional evidence of gold’s upcoming direction.
Technical outlook for gold price
The near-term technical outlook indicates that gold has reached overbought conditions, and therefore, the price of gold could correct and decline in prices before completing its bullish trend, representing $1,880 as initial support before $1,860.
