2023-12-25 12:00:00
Written by Islam Saeed Monday, December 25, 2023 02:00 PM
The global financial markets, including the gold markets, are witnessing a holiday during trading today, Monday, due to Christmas, and therefore gold prices remain stable without change since their last trading last Friday, and the global price of an ounce closed trading last week above the level of $2050 per ounce at $2053 per ounce. After finding support from the decline in inflation in the United States of America, which pushed the dollar and bond yields to fall sharply.
During the remainder of this year, gold markets may witness fluctuations in their movements due to weak trading volumes as a result of the holidays, provided that they resume their usual movement at the end of the first week of the new year, according to Gold Billion’s analysis, as expectations remain positive for global gold prices in light of increasing expectations for a decrease in… The Federal Reserve will set interest rates early next year, following growth data for the United States during the third quarter slowed to 4.9% from the previous reading of 5.2%.
In addition to inflation continuing to decline during the month of November, the personal consumption expenditures index, which is the preferred inflation indicator of the US Federal Reserve, showed, at the annual level, inflation declining to 2.6% from the previous reading of 2.9%, while the annual core index, which excludes fluctuation factors, showed a decline to 3.2%. From 3.4%.
The odds of a US rate cut by the markets at the Federal Reserve meeting in March 2024 rose to more than 75% following US inflation data last week, despite statements by Fed members who tried to calm the markets’ reaction to expectations of a US rate cut.
All of this supports gold’s expectations during 2024 since gold has an inverse relationship with US interest rates and with both the dollar and government bond yields.
This is in addition to the continued increase in demand by global central banks for gold during the year 2023, as banks recorded purchases worth 800 tons of gold during the first 9 months of this year, and this pace is expected to continue during the next year as well.
Gold prices in Egypt
jump gold price In Egypt, a short while ago, in an unprecedented manner, all bullets circulating in the market recorded increases of regarding 70 pounds in each of the main calibers in the Egyptian market, and the price of a gram of 21 carat gold, which is the best-selling in Egypt, recorded 3,150 pounds per gram without adding manufacturing, which is an unprecedented historical level in Egypt.
gold prices
24 karat records 3600 pounds.
21 caliber costs 3150 pounds.
18 karat costs 2700 pounds.
14 karat is 2100 pounds.
The gold pound is 25,200 pounds.
Sameh Abdel Hakim, a member of the Gold Division, revealed that gold is witnessing a significant increase in demand currently in the Egyptian market, and demand rates have doubled for bullion and pounds, indicating that demand has jumped more than 80% compared to last month, which has contributed to a significant increase in prices.
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