Cairo – Mubasher: Gold prices rose on the global stock market by 0.2 percent, at a value of $4, during the week’s trading ending yesterday evening, Friday, due to increasing fears of the escalation of the conflict in the Middle East region due to the air strikes on Yemen, which led to an increase in demand for gold as a safe haven.
Saeed Embabi, CEO of the “iSagha” platform for trading gold and jewelry online, said that gold prices rose in the local markets by about 5 pounds during today’s transactions, Saturday, and compared to the end of yesterday’s transactions, so that the price of a gram of 21 carat gold recorded about 3,260 pounds, coinciding with the holiday. Weekly report on the global stock market, after it closed yesterday at $2049.
He added that a gram of 24 karat gold recorded 3,726 pounds, a gram of 18 karat gold recorded 2,794 pounds, while a gram of 14 karat gold recorded about 2,174 pounds, and a gold pound recorded about 26,080 pounds.
Gold prices rose by 35 pounds in local markets during yesterday’s trading, Friday, as the price of a gram of 21 karat gold opened trading at 3,220 pounds, and concluded trading at 3,255 pounds, while an ounce rose in value by about 24 dollars, as trading opened at 2,025 dollars. , and transactions concluded at the level of $2049.
Mbabi pointed out that geopolitical tensions contributed to the rise in gold prices on the global stock market yesterday, after America and Britain launched an air strike on the Houthis in Yemen, and gold prices had declined following the release of US inflation data last Thursday.
The US Bureau of Labor Statistics revealed that the main and core consumer price indices rose on an annual basis in December, which reinforces the US Federal Reserve’s continuation of raising interest rates during the coming period.
The main consumer price index on an annual basis for the month of December recorded an increase of about 3.4 percent, and expectations indicated an increase of only 3.2 percent, after recording 3.1 percent last November.
On a monthly basis, the main inflation measure rose by 0.3 percent in December, and expectations were at 0.2 percent, while the reading recorded in November was 0.1 percent.
While the core consumer price index (excluding food and energy) recorded on an annual basis 3.9 percent in December, and experts’ expectations indicated an increase of only 3.8 percent, while last November’s reading recorded 4 percent.
On a monthly basis, it recorded 0.3 percent in December, which is what experts expected, and it is the same percentage recorded in the November reading as well.
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2024-01-13 12:28:54
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