Cairo – Mubasher: Gold prices on the global stock market rose by 2.6%, to a value of $59, in the trading week that ended yesterday afternoon, Friday, supported by expectations of an increase in capacity interest rates lowered after disappointing US economic data, with gold investors awaiting next week’s inflation data.
Saeed Embabi, CEO of the “iSagha” platform for online trading of gold and jewelry, said that gold prices in the local markets rose by around 5 pounds during today’s trading, and compared to the end of yesterday’s trading what, so that the price of a gram would have gone up. 21 carat gold recorded a level of 3140 pounds, at the same time as the weekend On the world stock market, after the ounce closed yesterday afternoon at a level of $ 2,360.
Ebabi said that a gram of 24 karat gold recorded 3,589 pounds, a gram of 18 karat gold recorded 2,692 pounds, and a gram of 14 karat gold recorded about 2,094 pounds, and a pound of gold recorded about 25,120 pounds.
Gold prices rose by 25 pounds during trading yesterday, Friday, when the price of a gram of 21 karat gold opened trading at the level of 3,110 pounds, and rose to the level of 3,155 pounds, and trading ended at 3,135 pounds, while an ounce fell by around 16 dollars, as trading opened at the level of $2344, it touched the level of $2375, and the transactions ended at the level of $2360.
Ebabi pointed out that gold in the global markets remained stable for about two weeks, and that it is heading for a new wave of increase amid the uncertainty that dominates the markets due to geopolitical events and tension in the Middle East region, and the position of the US Federal Reserve on the setting of interest rates.
He said gold prices fell to their lowest level last week, but he consolidated his gains in late-week trading yesterday, Friday, supported by the big jump in jobless claims. weekly in the US economy, which shows the extent of the recession. to which the US labor market is exposed.
Mbabi pointed out that the position of the US Federal Reserve on how interest rates are changing is unclear, as weak economic data and slow economic growth could push the US Federal Reserve to reduce interest rates at least once or twice a year , but recent statements by the president of the bank show his commitment to maintaining interest rates as long as possible.
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