Gold prices in Egypt witnessed an increase of about 40 pounds in evening trading, against the backdrop of increased demand for gold, as a gram of 21 carat gold, which is the best-selling gold in Egypt today, Tuesday, recorded 2,680 pounds per gram now.
Gold prices today:
21 caliber records 2680 pounds.
18 caliber costs 2297 pounds.
Gold prices globally
The spot gold price today, Tuesday, at the time of writing the Gold Billion technical report, is trading at the level of $1,947 per ounce in a narrow trading range, after gold rose yesterday by 0.4% after recording the lowest level in 4 weeks at $1,931 per ounce.
Yesterday, gold was able to show some recovery due to the closing of a number of selling positions after the price almost reached the level of $1930 per ounce, which helped in the limited recovery in the price of gold yesterday.
In general, traders avoid opening new deals on gold while awaiting the release of inflation data on the US economy, which will be released today. It is expected that the consumer price index will decline to 0.1% at the monthly level from the previous reading of 0.4%, and that the annual index will show an increase of 3.3% compared to the previous reading of 3.7%.
If inflation data declines less than expected, this will increase market expectations that the Federal Reserve will reach the end of the cycle of raising interest rates, regardless of the bank’s recent statements. This will lead to a decline in dollar levels and thus a further recovery in gold prices.
However, a higher-than-expected rise in inflation data will confirm the Federal Reserve’s view that it needs further tightening of monetary policy to confront persistent inflation, in which case the dollar will see further gains and push gold lower.
Members of the Federal Reserve, led by Bank Chairman Jerome Powell, indicated that the bank still has more work to do to bring inflation to its target. Powell indicated that inflation has already decreased, but it is still far from the bank’s target of 2%, and therefore the Fed will be fully prepared to intervene with a new interest rate hike to ensure a decline in inflation.
The US dollar rose last week by 0.7% supported by these statements, but it began to decline since last Friday, recording a decline for the third session in a row. This comes due to expectations that inflation may decline in October, especially after the weak jobs report data, which showed weak hiring operations. Unemployment rose last week.
Looking at the yield on 10-year government bonds, we find that they rose yesterday to the highest level in a week at 4.694% before they began to decline. The reason behind the rise was the selling operations in US Treasury bonds after Moody’s credit rating agency lowered the outlook for the rating. The credit rating of the United States went to negative after it had been stable, keeping the credit rating at its highest rate of Aaa.
The rise in US bond yields increases the opportunity cost of gold, which does not provide a return to its holders compared to bonds that provide an increasing return during this period.
2023-11-14 17:48:00
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