Gold prices today in Egypt, November 27, 2023 – Youm7

Islam Saeed wrote

Monday, November 27, 2023 01:33 PM

Price of an ounce of gold

Gold prices jumped to their highest levels in 6 months at the beginning of the week’s trading, in light of the continued weakness of the US dollar, and increasing expectations that the Federal Reserve has finished raising interest rates, especially with weak data continuing to be issued on the US economy.

Spot gold prices rose during Monday’s session by 0.6% to record the highest level in 6 months at $2018 per ounce. At the time of writing the Gold Billion technical report, it was trading at $2014 per ounce. Today’s session had opened at $2002 per ounce.

Gold recorded an increase during the past two weeks and tried more than once to rise above the level of $2000 per ounce and stabilize above it, but it failed in doing so, and with the price of gold closing above the level of $2000 last Friday, it gained enough momentum to rise sharply during today’s session, penetrating the level of $2010 per ounce and approaching. From the $2020 level, which if breached opens the door to the $2050 level per ounce.

The US dollar, on the other hand, fell today by 0.3% according to the dollar index, recording the lowest level in 4 sessions and trading near the lowest level in 3 months that it recorded last week.

The dollar has declined against currencies over the past two weeks due to weak US inflation data and a slowdown in the employment sector, which led markets to expect the end of the cycle of raising interest rates by the US Federal Reserve, and the beginning of expectations of lowering interest rates during the first half of next year.

Market expectations for US interest futures contracts indicate a probability close to 100% that the Federal Reserve will hold interest rates during the next December meeting, and another 60% probability that interest rates will fall by a quarter of a degree Celsius during the bank’s meeting in May 2024.