Gold prices in Egypt today, November 18, 2023 – Youm7

Gold prices today

24 karat records 3011 pounds.

Global gold rise

Gold rose last week to record its largest weekly gain in four weeks, in light of the decline in dollar levels and US bond yields amid growing expectations that the Federal Reserve has finished tightening its monetary policy.

Spot gold recorded an increase last week of 2.2%, achieving gains of $42. It recorded the highest level during the week at $1,993 per ounce, which is the first week in which it achieved gains after two weeks of losses.

Slowing inflation pressures and growing weakness in the US labor market led to markets beginning to question the Federal Reserve’s plan to maintain monetary tightening, providing new momentum for gold.

The annual consumer price index in the United States declined during the month of October to the level of 3.2%, less than expectations of 3.3% and the previous reading of 3.7%. As for the weekly unemployment claims index, it showed a greater than expected increase at 231 thousand, compared to the previous reading of 218 thousand and expectations of 221 thousand.

Although gold prices ended the week’s trading with strong gains, prices declined on Friday at the close from the highest level recorded to close at the level of $1,980 per ounce, which indicates that gold does not have sufficient support to rise above the level of $2,000.

During the week, the dollar declined significantly due to weak inflation data, which increased expectations that the Federal Reserve would not raise interest rates again. The dollar index fell during the week by 1.9% to record its lowest level in 11 weeks.

On the other hand, the yield on 10-year US government bonds decreased last week by 4.6%, reaching the lowest level in two months at 4.381%.