Books – Islam Saeed Saturday, November 4, 2023 01:39 PM
We publish the latest update on today’s six gold prices in Egypt, and the gram of 21 karat gold, which is the best-selling gold in Egypt today, recorded 2550 pounds per gram. Below are the most prominent details of the gold market movement.
Gold prices today:
24 karat records 2914 pounds.
21 caliber costs 2550 pounds.
18 karat weighs 2186 pounds.
The gold pound is 20,400 pounds.
Gold globally
The price of spot gold decreased last week by 0.7% to close the week’s trading at the level of $1,992 per ounce. It had recorded the lowest level during the week at $1,969 per ounce and the highest level at $2,007 per ounce.
During the month of October, gold rose by 7.3% to gain $135 per ounce and recorded the largest monthly rise since last March, thus erasing all the losses recorded by gold during the second and third quarters of the year combined, as the precious metal had witnessed a decline during the second quarter by 2.5% and during the quarter. The third rate was 3.7%.
The Federal Reserve Bank fixed interest rates at the 5.25%-5.50% area during its meeting last week to continue monetary tightening until reaching the inflation target of 2%. However, the bank’s tone was less stringent than usual, which reflected negatively on the dollar’s performance.
Bank Chairman Jerome Powell left the door open for a new rate hike, but the caution evident in his speech and the bank’s monetary policy statement led markets to expect that the rate hike cycle is over for this year and that the next step will be for rates to remain at these levels for a while.
Gold was then able to end the correction that it began since the beginning of the week and begin to rise again with support from the decline of the US dollar, in addition to the release of data on the US government jobs report for the month of October, which witnessed the hiring of 150,000 jobs compared to the previous reading of 297,000, in addition to a rise in the unemployment rate. By 3.9% from 3.8%.
Traders’ expectations now on US interest rate futures indicate a 95% probability that the Federal Reserve will leave interest rates unchanged during the next December meeting, after the probability was 80% before the release of US jobs sector data.
The US dollar witnessed a decline last week of 1.5% according to the dollar index, recording its lowest level in 6 weeks, as it fell yesterday, Friday, after the release of jobs data by 1%.
As for the yield on 10-year US government bonds, it decreased last week by 5.5% to record the lowest level in 5 weeks at 4.484%.
Despite the decline in dollar levels and bond yields, gold failed to maintain stable trading above the level of $2,000 per ounce, due to the decline in demand for safe havens in the financial markets, causing gold to lose the main support that helped it rise over the past three weeks.
2023-11-04 11:39:00
#price #gold #today #pounds #gram #carat #Youm7
