2023-10-26 04:00:00
Written by Islam Saeed Thursday, October 26, 2023 07:00 AM
We publish gold prices In Egypt, at the beginning of trading today, Thursday, October 26, 2023, a gram of 21 carat gold, which is the most traded in the Egyptian markets, recorded 2,600 pounds per gram, with continued fluctuation in the local price of gold.
Gold prices today:
24 karat records 2971 pounds.
21 carat costs 2600 pounds.
An 18 karat one costs 2229 pounds.
The gold pound is 20,800 pounds.
I settled down gold prices During global stock market trading, following the markets returned focus on economic data in light of signs of calming down in the conflict in the Middle East, while the markets awaited US growth data and the inflation rate.
During this period, gold lacks support from safe haven demand, which helped it rise by 10% recently and reach near the level of $2,000 per ounce. Global efforts continued to prevent the expansion of the war between Palestine and the Zionist entity, according to Gold Bellion.
Breaking the psychological level of $2,000 per ounce requires a strong stimulus for gold, which might have been obtained from the escalation of tensions in the Middle East, but with the loss of this factor in addition to the impact of economic data, it may enter… gold In an intraday correction.
On the other hand, we find that the areas of the level of $1950 per ounce provide good support for gold, and there are many buying centers around this level. This became clear during yesterday’s session when gold fell to the level of $1953 per ounce before quickly reducing its losses.
Gold was affected globally by US data
Yesterday, the United States released purchasing managers’ data for the industrial sector for the month of September to witness an improvement at the 50 level, better than the previous reading of 49.8 and expectations of 49.5. Also, the services sector index came in at a value of 50.9, better than the previous reading of 50.1 and expectations of 49.9.
Improved activity data American economist It helped reduce gold’s chances of rising yesterday, as the American economy continues to show great flexibility that helps the Federal Reserve continue to tighten its monetary policy, and the possibility of resorting to a new interest rate hike before the end of the year.
Markets are now largely awaiting further economic signals from the US this week, led by third-quarter GDP data due on Thursday. Any further signs of resilience in the US economy give the Fed more room to keep interest rates higher for longer while reducing gold’s safe-haven appeal.
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