Written by Islam Saeed Tuesday, November 7, 2023 01:10 PM Register gold price In morning trading in the Egyptian market today, Tuesday, November 7, 2023, an increase of about 35 pounds, and the price reached… Gram of gold 21 karat, which is the best-selling gold in Egypt today, costs 2635 pounds per gram, while the price of an ounce of gold in international markets recorded 1979 dollars.
Gold prices today:
24 karat records 3011 pounds.
21 caliber costs 2635 pounds.
18 caliber costs 2259 pounds.
The gold pound is 21,080 pounds.
Global gold price
Gold prices fell at the beginning of the week’s trading, in light of the continued weakness of the dollar and US Treasury bond yields, ahead of Federal Reserve Chairman Jerome Powell’s speech later this week.
And it went down gold price The spot price rose 0.3% yesterday, Monday, to record a low of $1,982 per ounce, and at the time of writing the Gold Billion technical report, it was trading at $1,986 per ounce. This comes after gold fell last week by 0.7% as it failed to maintain its trading above the $2,000 per ounce level.
Last week saw the US Federal Reserve meeting, which showed a less hawkish outlook for monetary policy than markets expected, serving as the starting point for weakness Dollar A noticeable decline in government bond yields, in addition to lower-than-expected US jobs data for October, which increased selling on the dollar widely, after market expectations increased that the Federal Reserve had finished its cycle of raising interest rates this year.
Markets now place a probability of more than 95% that the Federal Reserve will stabilize interest rates during its next meeting in December. As a result, we saw the yield on 10-year bonds decline last week by 5.5% to record the lowest level in 5 weeks at 4.484%.
On the other hand, the dollar index, which measures its performance against a basket of 6 currencies, declined last week by 1.5%, but gold failed to benefit from all these factors, due to weak demand for safe havens in financial markets, after fears about the expansion of the war in the country subsided. Gaza Strip and the accession of other parties.
Gold Billion’s analysis reveals that the main factor that will affect gold during the coming period will be the yield on 10-year government bonds. The return of yields to rise again may push gold to expand its losses, and break the resistance area at 1975-1980 dollars per ounce, which That would open the door to $1950 per ounce levels.
The US stock market withdraws investments from gold
Despite the weak US employment data, we saw a record rise in US stocks last week, supported by better-than-expected corporate earnings results, in addition to market expectations for the end of interest rate hikes by the US Federal Reserve. The main S&P 500 index of US stocks rose last week by 5.9%, which is This had a negative impact on gold’s performance last week, as we mentioned.
It is worth noting that the decline in demand for safe havens turned into an increase in demand for risky investments, especially investment in American stocks. Also, the VIX index, which measures market volatility and is a measure of risk in the markets, declined sharply last week and recorded a decline of 30%, recording the lowest level in 6 years. Weeks at 14.91 points.
This indicates that gold is losing essential support from safe haven demand, which is the main reason why… gold It rose by 7.3% during the month of October, earning $135 per ounce, and recording the highest level during the month at $2009 per ounce.
Gold futures are starting to reflect the position of gold
Show the CFTC’s detailed Obligations of Traders Report, which shows the speculative position on… gold For the week ending October 31, contracts for buying gold continued to rise by 9,584 contracts compared to the previous report, but it showed a decline by approximately half what was recorded in the previous week, while contracts for selling gold decreased by 4,456 contracts compared to the previous report.
Late data issued by the Commodity Futures Trading Commission (COT) report shows a decline in demand for gold contracts compared to previous weeks, due to a decline in investments in safe havens in light of the lack of expansion of the war in the Middle East.
It is expected that the demand for gold contracts will continue to decline gradually during the coming period, unless the situation in the Middle East develops in a way that brings fears back to the markets and increases the demand for safe havens.
2023-11-07 11:10:00
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