Gold Prices Today: Update on 21 Karat Gold Prices in Egypt – June 13, 2023

Islam Saeed Books

Tuesday, June 13, 2023 10:25 am

We publish the latest update on gold prices today, Tuesday, in Egypt, to record a gram of 21 karat gold, which is the best-selling in Egypt, at 2310 pounds, which is the lowest level of gold in the market for nearly a month, amid weak gold trading in the markets.

The price of gold on the global stock exchange

Gold prices witnessed weak movements at the beginning of the week, as the volatility continued to control the movements of the precious metal, as markets await this week the release of US inflation data, followed by the Federal Reserve meeting, which would chart the course of gold during the coming period.

Gold got some support last week from the number of weekly jobless claims data, which rose to the highest level in a year and a half, adding to expectations that the Federal Reserve will stop raising interest rates during its meeting this week.

The technical report of Gold Billion indicated that the markets are awaiting the release of US consumer price data for the month of May today, and expectations indicate that the monthly index will rise by 0.2%, less than the previous reading of 0.4%, while the annual index is expected to rise by 4.1% from the previous reading of 4.9%. .

Gold Billion’s report stated that US inflation data will affect the Federal Reserve’s decision in its meeting tomorrow, as the bank aims to reduce inflation rates to 2%, and US inflation has already declined from its highest level in 40 years that we witnessed during the past year.

He pointed out that the data and events issued this week contributed to the weak movement of gold during today’s trading, because investors will not take the initiative to take new positions on gold before the inflation data is released tomorrow, in addition to anticipating what will be issued by the Federal Bank at its meeting, which will announce its results on the day. The next Wednesday.