Thursday 10/August/2023 – 08:58 PM
Domestic gold prices rose during trading today, Thursday, after a long period of fluctuation in narrow ranges. This rise comes after the release of inflation data today on the Egyptian economy and the US economy, which affected the movement of gold locally and globally, according to Gold Billion.
Gold price in Egypt
The price of a gram of 21 karat gold, the most common, recorded 2175 pounds per gram, after today’s session opened at 2157 pounds per gram, while it recorded the highest level today at 2180 pounds per gram.
As for the global price of an ounce of gold, today’s session in the spot gold market opened at $1914 an ounce, to record the highest level at $1930 an ounce, before it currently retreats to $1920 an ounce.
The Gold Billion analysis attributed the reasons for the rise of gold to the issuance of inflation data on the US economy, which the markets are awaiting with interest, since these data contribute to the next Federal Reserve decision. The annual consumer price report for July showed an increase of 3.2%, less than expectations of 3.3% and higher than the reading. the previous by 3.0%.
And the rise in inflation in the month of July in the United States was highly expected, and the fact that the rise was less than expected increases the possibility of the end of the monetary tightening cycle and the end of raising interest rates, to help gold prices recover from the lowest level in a month that it recorded today at $1912 an ounce. .
inflation in Egypt
As for the domestic side, the Central Agency for Public Mobilization and Statistics announced, today, Thursday, that consumer prices in Egypt increased by 36.5% during the month of July at the annual level, and the June reading was 35.7%, while on the monthly level, inflation declined to 1.9% in July. From 2.1% during the month of June.
Also, the Central Bank of Egypt announced today the main inflation index in Egypt during the month of July, which rose by 40.7% on an annual basis, less than the previous reading for June by 41%.
Despite the negative pressures on the global gold price and its trading near the level of $1900 an ounce, today we find that local gold prices are returning to an increase of about 23 pounds per gram of 21 carat.
The main reason behind the rise in local gold today is the inflation data on the Egyptian economy, which showed fluctuation between rise and fall according to various indicators, and this may mean that inflation is close to reaching its peak, and therefore the central bank may stop raising interest, which is reflected positively on the performance of gold.
On the other hand, and in general, the local gold markets are witnessing a decline in local demand and the liquidity available to market participants, in addition to the stability of the dollar exchange rate in the parallel market, which pushed gold prices to stabilize during the last period.
2023-08-10 17:59:25
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