2023-12-27 08:21:00
We publish gold prices today, Wednesday, December 27, 2023 in Egypt, and the price of 21 karat gold, which is the main karat in the gold market in Egypt, has now reached 3,300 pounds per gram, down from 3,350 pounds at the closing price yesterday, following the gold market witnessed major jumps since the beginning of this week, and the market is witnessing… Gold is a case of caution.
Gold prices today
24 karat records 3771 pounds.
18 carat costs 2829 pounds.
14 karat weighs 2200 pounds.
The gold pound is 26,400 pounds.
Gold rises globally
Global gold prices rose with the return of trading following the Christmas holiday. Gold prices rose despite weak trading volumes and exited the trading range that dominated gold movements during most of December, in light of expectations of an early interest rate cut in the United States of America.
Spot gold recorded an increase during yesterday’s session, Tuesday, by 0.4%, to trade at the time of writing the report at the level of $2061 per ounce, recording the highest level today at $2065 per ounce. This comes following it recorded its highest levels in two weeks last Friday at $2070 per ounce.
Gold gains
Gold witnessed a series of gains following the weak data issued by the United States of America regarding the contraction of third-quarter growth less than expected, in addition to the slowdown in inflation rates, which increased the markets’ expectations of the approaching decision to cut interest rates during the year 2024.
The Personal Consumption Expenditure Index, which is the preferred inflation indicator of the US Federal Reserve, showed a decline during the month of November to 2.6% from the previous reading of 2.9% at the annual level, while the annual core index, which excludes fluctuation factors, showed a decline to 3.2% from 3.4%.
This decline in inflation comes following cautious signals from the Federal Reserve during its last meeting of 2023, raising hopes that the Federal Reserve might start cutting interest rates by March 2024.
This has greatly supported gold prices as higher interest rates increase the opportunity cost of investing in the precious metal.
The chances of a rate cut in March in the markets rose to more than 75% following the US inflation data, despite statements by Federal Reserve members who tried to calm the markets’ reaction to expectations of a US rate cut during the ending week.
In addition to this, the US dollar index fell to record its lowest levels in 5 months at the end of last week, continuing today’s decline of 0.1%, which further supports gold prices in light of the inverse relationship that links it with the dollar.
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