2023-04-24 13:43:00
Islam Saeed Books
Monday, April 24, 2023 03:43 PM
I jumped Gold prices today in Egypt Today, it has reached levels of 2500 pounds per gram of 21 carat, which is the most popular in Egypt, amid an unprecedented movement and rise in the precious metal in the country.
Gold prices today:
24 karat records 2857 pounds
21 karat records 2500 pounds
18 karat records 2143 pounds
The gold pound is 20,000 pounds
An ounce of gold is 1984 dollars
Gold markets started the last trading week of this month quietly, as prices settle below the psychological level of $2,000 an ounce, amid attempts to re-penetrate it, and the markets are awaiting the release of important data this week that may affect the Federal Reserve’s decision at its meeting next week, according to the technical report of Gold Billion.
Spot gold prices are trading at the time of writing the report at the level of $1983.19 an ounce, and it recorded a slight increase by 0.1%, following gold recorded a decline last Friday by more than 1%, following the issuance of better-than-expected data on the industrial sector and the services sector on the US economy at the end of last week. .
The report indicated that the flexibility that appeared in the recent data increased the chances of raising interest by the Federal Reserve during its next meeting, and thus gave some stability to the US dollar and increased the negative pressure on gold to close below the $2000 level.
Gold trading is highly affected by expectations of higher interest rates, as this raises the opportunity cost of owning gold, which does not provide a return to its holders, compared to government bonds that provide a return that increases with the increase in interest, according to the technical report.
Fed futures currently expect an 88.6% chance of the Fed raising interest rates by 25 basis points at the next May meeting, with other expectations increasing that it might raise rates once more at the June meeting.
The increase in interest rate hike expectations once more in June comes as a result of the increased flexibility in the US economic data, which indicates the exclusion of economic recession expectations, in addition to the shrinking interest rate cuts expectations during the second half of the year, which greatly increased during the banking crisis last March.
Fed member Lisa Cook said on Friday that the outlook for the next phase of the Fed’s monetary policy is becoming less clear following the institution took appropriately aggressive steps over the past year to reduce price pressures.
These factors contributed to increasing the negative pressure on gold, since it recorded its highest levels this year during the week before last at $2048 an ounce, it began to decline, especially with the statements of the members of the Federal Reserve, which brought the markets back to focus on high inflation rates and that the Fed has not yet finished with inflation, according to gold. Bullion.
It is worth noting that no problem has appeared on the scene in any of the US banks since the intervention of the authorities following the collapse of the Signature and Silicon Valley banks last March, which gave the markets some calm regarding the future of the banking sector and the decline of its negative impact on the economic recession.
The markets reduced the demand for a safe haven as a result in favor of government bonds and stock markets, and the result was a decline in gold, but the decline came within a safe range for gold, so until now the bullish trend remains dominant in its trading, and the future of the Federal Bank’s monetary policy remains the decisive step in the course of its movements gold in the coming period.
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