2023-08-15 06:29:00
Islam Saeed wrote Tuesday, August 15, 2023 09:29 am
We publish gold prices today, Tuesday, during morning trading, at the beginning of trading, and a gram of 21 karat gold, which is the best-selling in Egypt, recorded 2270 pounds per gram, while trading stops on gold on the global stock exchange.
Gold prices today:
21 karat records 2270 pounds.
18 karat records 1946 pounds.
24 karat records 2594 pounds.
The gold pound is 18,160 pounds
Global gold prices
Gold prices fell to their lowest level in more than five weeks as the dollar and bond yields rose ahead of the Federal Reserve’s meeting minutes released this week that could guide expectations on future interest rates.
Spot gold trading is witnessing somewhat weak movements with the beginning of the week’s session, recording its lowest level in 5 weeks at $1910 an ounce, to trade at $1912 an ounce, after declining during the past week by 1.5%, to represent the third consecutive weekly decline, according to Gold Billion.
The US inflation data that was released last week showed a rebound in inflation rates during the month of July, after the slowdown in the indicators previously, helping to increase expectations that the US Federal Reserve may continue its monetary tightening policy for a longer period of time.
The annual producer price index in July increased by 0.8% from the previous reading by 0.2%, and on the annual core level it showed an increase of 2.4%, unchanged from the previous reading.
Producer prices in the United States showed positive for the first time in 5 months, as the cost of services rebounded at the fastest pace in about a year, confirming the fact that inflation is still holding together in some way, which was confirmed by Federal Reserve member Mary Daly, who commented on the inflation data and indicated that it has not yet happened. Determining the next decision of the Federal Bank, whether to raise or fix interest rates, which helped the dollar to recover again.
The markets realized that inflation is still holding on in the United States, despite the series of rate hikes that began since March 2022 and included a single fixation of interest, and this has helped the markets increase their appetite for the US dollar and US bonds at the expense of gold.
The dollar index, which measures its performance against a basket of 6 major currencies, rose during today’s trading and recorded its highest level in more than a month, after it rose 0.8% last week to record 4 consecutive weeks of gains.
On the other hand, the yield on US government bonds for 10 years rose to trade near its highest level this year, recording 4.190%, after the yield rose for four consecutive weeks.
Higher interest rates and Treasury yields increase the opportunity cost of holding gold, which does not offer a return to its holders in addition to being priced in dollars, which makes gold move inversely to the movement of bond yields.
The markets have come to terms with the fact that the interest rate in the US will continue to be at its highest level in 22 years for a longer period of time even if the Federal Reserve ends its rate hike cycle, and that would negatively affect gold prices as investments are directed to the high-yield bond markets.
This week, China’s retail sales and industrial production will be released on Tuesday, along with US retail sales data, ahead of the Fed’s meeting minutes next Wednesday.
The minutes of the last Federal Reserve meeting last July, which witnessed a rate hike of 25 basis points, is expected to be aggressive, and it may force gold to more negative pressure, especially since the precious metal is trading above key support levels, and breaking it may push gold to trade below the $1900 level an ounce. .
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