Gold prices at the close of trading on Wednesday, May 31, 2023

2023-05-31 19:00:00

Books – Islam Saeed

Wednesday, May 31, 2023 10:00 PM

We publish the latest price update gold By the end of Wednesday’s trading, the price of a gram of 21 carat gold, which is the most traded in Egypt, settled at 2340 pounds per gram without workmanship.

Gold prices at the end of trading on Wednesday

21 karat records 2340 pounds.

18 karat records 2006 pounds.

24 karat records 2674 pounds.

The gold pound is 18,720 pounds.

US interest rate expectations affect gold’s movements

The main crisis against gold remains expectations for US interest rates, as market pricing has now changed in favor of raising interest by 25 basis points at the next Bank meeting in June, with a probability of 65%.

While expectations for fixing monetary policy remained unchanged, it fell to a probability of 35%. This comes with continued statements in support of raising interest rates and continuing monetary tightening by members of the Federal Reserve Bank.

Federal Reserve member Loretta Mester made very hawkish statements, indicating that she sees the need to continue raising interest rates at the next June meeting, and that there is no convincing reason preventing the Federal Reserve from continuing to raise interest rates at its meeting.

These statements restored support to the levels of the US dollar during today’s session, and on the other hand caused a weak recovery in gold prices, which it has been trying to achieve since the beginning of the week, and succeeded in it yesterday, by breaching the $1950 level an ounce.

On the other hand, this week, the markets are waiting for the issuance of multiple data on the US employment sector, starting from today until next Friday, the date for the issuance of the most awaited government jobs report in the markets, as it is the most important data that the Federal Reserve relies on in assessing the conditions of the US economy and anticipating inflation in the household sector.

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