2023-09-05 06:43:00

Islam Saeed wrote Tuesday, September 05, 2023 09:43 AM Settled gold price This morning, Tuesday, the beginning of trading, and a gram of 21 carat gold, which is the best-selling in Egypt, recorded 2205 pounds per gram, while the price of gold on the global stock market moved to levels of 1942 dollars.

Gold prices today:

24 karat records 2520 pounds.

21 karat records 2205 pounds.

18 karat records 1890 pounds.

The gold pound is 17,640 pounds.

The global price of gold

Gold prices rose once more with the beginning of trading, supported by expectations that the Federal Reserve is on its way to temporarily stop raising interest rates during its meeting in September, following a number of weak data that was issued by the US economy, the latest of which was the rise in the unemployment rate.

Spot gold prices are trading at the time of writing Gold Billion’s technical report at the level of $1942 an ounce, up by 0.2% during today’s session, to approach the highest level in a month, which it recorded last Friday at the level of $1953 an ounce.

Gold rose during the past week by 1.3%, following the issuance of a number of economic data on various sectors of the US economy, which showed a slowdown, which indicates the beginning of the emergence of a clear impact of the series of interest rate hikes that began since March 2022 on economic activity in the United States of America.

Consequently, expectations increased that the Federal Reserve may stop raising interest rates during its next meeting on September 19-20 to work on assessing the current state of the economy before making its decision to stop raising interest rates completely or to return to raising interest once more in the November meeting.

The current pricing in the markets indicates a 94% probability that the Fed will fix interest rates at the September meeting, and another 57.7% probability that it will also fix interest rates during the November meeting.

Gold trading until the date of the Federal Reserve’s meeting in September will depend largely on the performance of the dollar and US government bond yields, in light of the strong inverse relationship between them, according to Gold Billion. The dollar index, which measures its performance once morest a basket of 6 major currencies, decreased during today’s session by 0.1. %, but it is trading near the highest level it recorded last week, following the dollar witnessed a series of rises that lasted for 7 consecutive weeks.

On the other hand, the yield on US 10-year bonds declined during the past two weeks, following recording the highest level in 15 years, but the yield remains above 4%, which puts pressure on gold prices.

Gold is associated with an inverse relationship with the returns of US bonds, because gold does not provide a return to its holders compared to bonds that offer a return that increases with the rise in US interest, while gold is also affected by an inverse relationship with the US dollar since gold is a dollar-priced commodity.

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