Books – Islam Saeed Friday, December 15, 2023 12:38 PM Shahada Gold prices in EgyptToday, Friday, there was a significant increase in all bullies present in the goldsmiths’ market in Egypt, against the backdrop of the movement of the price of gold on the global stock market to levels above $2030, and a gram of gold recorded. 21 caliber– It is the best seller in Egypt – 2880 pounds.
Gold prices now for all calibres:
24 karat records 3291 pounds.
21 carat costs 2880 pounds.
18 karat weighs 2469 pounds.
14 karat weighs 1893 pounds.
The gold pound is 23,040 pounds.
Reasons for the rise of gold
The main reason behind the rise in gold prices and its return to trading above the $2000 level is the major change in the monetary policy of the Federal Reserve Bank, which during its meeting yesterday fixed interest rates at a range of 5.25% – 5.50% to indicate the end of the cycle of raising interest rates.
The Federal Reserve indicated that inflation rates were declining at a faster pace than its expectations, which prompted it to consider reducing interest rates during the next year by 75 basis points over 3 meetings, which would reduce interest rates to an average of 4.6% after expectations of Fed members last September indicated that… Interest rates will fall to only 5.1% over the next year.
Fed members also expect core inflation to peak at 2.4% next year, lower than its September forecast of 2.6%.
The Fed’s forecasts for the future of interest rates were close to market expectations that placed possibilities for a rate cut over the next year by 100 basis points, which caused significant market movement after the meeting.
On the other hand, market odds now point to a 75% rate cut at the March 2024 meeting, as this probability rose from 40% before the Fed’s meeting yesterday.
The dollar index fell sharply during today’s session, declining by 0.9%, recording the lowest level in two weeks and recording a decline for the third day in a row, on its way to recording a weekly decline of 1.3%.
As for the yield on US government bonds, it has decreased since the beginning of the week by 6.5% to record the lowest level in nearly 5 months at 3.932%.
The sharp decline in the levels of the US dollar and the yield on US government bonds represent the greatest support for gold to rise in light of the inverse relationship between them, in addition to the decline in the opportunity cost of gold, which does not provide a return to its holders.
The US Federal Reserve’s monetary policy change and the plan to reduce interest rates over the next year will end the Federal Reserve’s support for the dollar, which began in March 2022 when the bank decided to raise interest rates and fight inflation.
2023-12-15 10:38:00
#Gold #prices #today #Friday #record #pounds #gram #carat #Youm7
