Written by Islam Saeed Monday, September 11, 2023 01:30 PM
The price of gold stabilized this morning, Monday, at the beginning of the week’s trading, and a gram of 21 carat gold, which is the best-selling gold in Egypt today, recorded 2,200 pounds per gram, while the price of gold on the global stock market moved to levels of 1,924 dollars.
Gold prices today:
24 karat records 2515 pounds.
21 carat costs 2200 pounds.
18 karat weighs 1885 pounds.
The gold pound is 17,600 pounds.
The price of gold on the global stock market
Gold prices rose at the beginning of the week’s trading, after the losses they witnessed last week. This recovery in gold prices comes before the release of inflation data on the US economy that will be released this week, which will affect the Federal Reserve’s decision at its meeting next week.
Spot gold prices are trading at the time of writing the Gold Billion technical report at the level of $1,926 per ounce, after gold rose today by 0.4% to record the highest level at $1,930 per ounce. This comes after gold prices declined last week by 1.1%.
Gold prices have so far been able to maintain their levels above the psychological level of $1,900 per ounce, and have gained sufficient flexibility that supported them in overcoming expectations that the US Federal Reserve may resort to a new increase in interest rates before the end of the year.
Expectations in the markets are currently in favor of stability in interest rates during the Federal Reserve meeting next week, but the bank’s next decision in November and December remains the obstacle to the markets’ expectations, especially since their expectations change with changes in the economic data issued by the United States.
There is currently a 94% probability that the Fed will stabilize rates at the September meeting, and another 41% probability that the bank will raise rates by 25 basis points during the bank’s meeting next November.
Gold Billion’s technical analysis revealed that rising interest rates do not bode well for gold, because it increases the opportunity cost of investing in assets that do not generate a return, and this has caused losses for gold over the past year, and has limited any significant recovery in the yellow metal so far in… Year 2023.
US inflation data this week will greatly help determine the bank’s next move, especially before the Federal Reserve meeting. Expectations indicate that the consumer price index for August will rise by 3.6% at the annual level from the previous reading of 3.2%.
US inflation measured by the Consumer Price Index fell from a four-decade high of more than 9% annually in June 2022 to a low of 3% in June of this year. But as of July it started to rise again reaching 3.2%.
This has raised the possibility that the Fed, which has already added 5% to interest rates over the past 18 months, will turn aggressive again on monetary policy. Concerns about this led to the dollar index rising to its highest levels in six months last week.
Inflation data may contribute to gold’s movement significantly this week. If inflation numbers decline compared to the previous reading, this will increase the chances of gold rising because this will increase the chances that the Federal Reserve will stop raising interest rates. However, a rise in inflation more than expected will increase negative pressure on prices. Gold increases the chances of the Fed returning to raise interest rates at the November meeting.
At the beginning of the week’s trading, the US dollar fell in a corrective movement of 0.4% according to the dollar index, which measures its performance against a basket of 6 major currencies, to record its lowest levels in a week, after a record performance during the last period that witnessed an increase for eight consecutive weeks that pushed the dollar to its highest level. 6 months.
After the dollar touched the 105 level at the end of last week, everyone expected a negative correction to occur this week, and this helped gold recover today in light of the inverse relationship that links them since gold is a commodity priced in dollars.
2023-09-11 10:30:00
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