2024-01-06 18:00:00
Written by Islam Saeed Saturday, January 6, 2024 08:00 PM Recorded Gold prices today In Egypt, in evening trading, a new movement recorded a gram of 21 karat gold, which is the best-selling in Egypt, at 3,300 pounds per gram of 21 karat, which is the best-selling in Egypt.
Gold prices today:
24 karat records 3771 pounds.
21 carat costs 3300 pounds.
18 carat costs 2829 pounds.
14 karat weighs 2200 pounds.
The gold pound is 26,400 pounds.
Global gold fell during the past week, ending the week’s trading with great volatility due to the US jobs report data, which increased markets’ confusion regarding the future of US interest rates in light of the economic data’s discrepancy with previous market expectations, with gold recording its first weekly decline in 2024.
During the past week, the global price of an ounce decreased by 0.8% to open the week at $2,062 per ounce, and close the week at $2,045 per ounce, with gold recording its first weekly decline following three weeks of gains.
Gold witnessed fluctuations last week, as it recorded the highest level at $2,078 per ounce and the lowest level at $2,024 per ounce, due to the impact of US economic data on market expectations, according to Gold Billion analysis.
The government jobs report for the United States was issued for the month of December, and the report witnessed an increase in the number of new jobs by 216 thousand jobs compared to the previous reading, which was revised to decline to 173 thousand following it was 199 thousand, while the reading was higher than expectations that indicated 168 thousand jobs. Unemployment rates in the United States stabilized last month at 3.7%, unchanged from November’s reading, while markets expected unemployment to rise to 3.8%.
The US data contributed to markets questioning their expectations regarding the Federal Reserve’s monetary policy and the timing of interest rate cuts this year. The data proved that the economy in the United States still holds surprises for markets as well as economists, as it continues to remain resilient despite the series of interest rate hikes since March 2022.
Yesterday’s jobs report data changed market expectations for US interest rates to now indicate a 64% probability that the Federal Reserve will cut rates by 25 basis points at its March meeting, following expectations were at 75% last week.
The release of the minutes of the US Federal Reserve’s meeting this week raised questions and concerns regarding the timing of interest rate cuts, as the minutes revealed that bank members are not focusing on the date of the interest rate cut as much as they are focusing on the extent to which the monetary tightening policy and the current interest rates will continue to ensure a sustainable decline in inflation to reach… The bank’s target is 2%.
From the point of view of the Federal Reserve Bank members, the markets overreacted to expectations of a rate cut by the US Federal Reserve, and now the markets themselves have begun to believe this to be the result of the current volatility in the markets.
The US dollar rose last week by 1%, which is the first weekly rise following 3 consecutive weeks of decline during which it recorded its lowest levels in 5 months. In addition to this, the yield on 10-year US government bonds also rose last week by 4.8%, which is the first rise following… 5 weeks of decline to record a 3-week high of 4.101%.
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