The price of 21 karat gold – the best-selling gold in Egypt – rose today, Friday, to the level of 2,220 pounds per gram, with the price of an ounce of gold on the global stock market moving to levels approaching $1,940.
Gold prices today:
24 karat records 2537 pounds.
21 caliber records 2220 pounds.
18 karat records 1903 pounds.
The gold pound is 17,760 pounds.
Gold prices globally
Gold prices witnessed a recovery during trading today, Friday, in light of the decline of the dollar from its highest levels in 6 months, but gold is still on its way to recording a decline at the weekly level with increasing expectations that the Federal Reserve is on its way to completing monetary tightening after the September meeting.
Spot gold prices rose today, Friday, by 0.2% to trade at the level of $1,924 per ounce, rising from the lowest level recorded a week ago at $1,915 per ounce, while gold is on its way to recording a weekly decline of 0.8%.
The attempt to recover gold prices comes after the US dollar stopped rising during today’s session and entered into a slight correction after recording its highest level in 6 months during this week, supported by the positive economic data issued by the US economy.
The service sector index in the United States gained strength during the month of August, and unemployment claims unexpectedly declined last week to record the lowest level since February. These data show continued flexibility in the American economy, which may force the Federal Reserve to continue its monetary tightening policy for a longer period. Of time.
Yesterday, three members of the Federal Reserve suggested in their statements that the Federal Reserve may stop raising interest rates at the September meeting, but they stressed that there is more work to be done by the Bank to confront inflation.
The dollar index, which measures its performance against a basket of 6 major currencies, has declined since the beginning of the Friday session by 0.1%, after rising yesterday and recording the highest level in 6 months, on its way to recording a weekly increase of 0.6%, thus achieving the longest series of weekly gains in nine years. Years of up to 8 consecutive weeks of gains.
Markets are now pricing in a 94% probability that the Fed will hold interest rates at its September meeting, and another 43% probability that the Fed will raise interest rates by 25 basis points at its next November meeting.
Gold Billion’s technical analysis believes that the possibility of raising US interest rates after the September meeting does not bode well for gold, given that rising interest rates increase the opportunity cost of investing in non-returning assets such as gold.
The decline in the chances of a recession in the United States also led to a decline in the attractiveness of gold as a safe haven. But deteriorating economic conditions in other parts of the world could support demand for the yellow metal.
The intensity of rhetoric between Washington and Beijing has escalated recently, especially after reports indicated that China has asked its government officials to stop using iPhones from Apple, and markets fear further disruptions in global trade resulting from the renewed trade war between China and the United States, as Some US lawmakers have also called for a blanket ban on technology exports to China.
These tensions helped increase demand for gold as a safe haven, so that it stopped falling since yesterday’s session, and today it is trying to compensate for some of its losses, taking advantage of the dollar’s cessation of rising, in addition to the decline in US government bond yields.
2023-09-08 10:47:00
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