2023-09-20 10:31:00
Written by Islam Saeed Wednesday, September 20, 2023 01:31 PM Recorded Gold prices today On Wednesday, in Egypt, there was an increase of regarding 5 pounds, and the price of a gram of 21 carat gold, which is the best-selling in Egypt, reached 2,115 pounds per gram, amid a rise in gold prices on the global stock market to levels of 1,930 dollars in today’s trading.
Gold prices today:
24 karat records 2526 pounds.
21 caliber records 2210 pounds.
An 18 karat carat costs 1894 pounds.
The gold pound is 17,680 pounds.
Weak trading in gold
Global gold prices witnessed a decline during trading today, Wednesday, in light of continued caution in the markets ahead of the Federal Reserve meeting, as it is widely expected that the US Federal Reserve will stabilize interest rates while maintaining expectations of the possibility of a new interest rate hike before the end of the year.
Spot gold prices are currently trading at the level of $1,930 per ounce, following falling today by 0.1%. This comes following gold recorded its highest level in two weeks during yesterday’s session at the level of $1,937 per ounce, according to the Gold Billion report.
The focus in the markets today will be on the Federal Reserve meeting later in today’s session, and therefore we may witness weak trading in the gold markets due to investors’ reluctance to make big bets before the bank’s decision is issued today.
Pricing in the markets today recorded a 98% probability that the Federal Reserve will fix interest rates at 5.25% – 5.50% without change, as the focus will be on Federal Reserve Chairman Jerome Powell’s speech following the meeting in an attempt to know the future of monetary policies.
This meeting will also issue a chart of the Federal Reserve members’ expectations regarding growth, inflation, and interest rates, and the markets are waiting to know the view of the bank members regarding the future of interest rates, and whether there will be a consensus on a new increase in interest rates before the end of the year or not, and there is also a conflict in expectations regarding the bank’s signal. The Federal Reserve has decided to cut interest rates, which the Federal Reserve has not indicated throughout its previous meetings.
Gold Billion expects that the Federal Reserve will reiterate the continuation of its tight monetary policy to control inflation rates, as the Fed’s decisions depend on the economic data issued before each meeting, but the tone of talk regarding inflation and monetary policy will be of great interest to the markets.
The decline that we saw in gold prices today and during yesterday’s session is due to investors’ unwillingness to trade significantly before the meeting, in addition to the stability of US dollar levels near its highest levels in 6 months, which limits gold’s gains.
The yield on 10-year US government bonds stabilized near its highest levels in more than 15 years, which it recorded this week at 4.415%. This is due to market confidence that US interest rates will stabilize at their highest levels in more than 20 years until mid-2024. At least, whether the Fed raises interest rates once more or not.
1695212185
#price #gram #gold #today #Wednesday #Egypt #pounds #gram
