2023-05-03 07:33:00
We publish the latest update on gold prices in Egypt today, Wednesday, at the beginning of the day’s dealings, after the stability of the gold price locally for all bullets circulating in the market, which is reflected in the prices of gold bars of all weights.
Gold prices today:
21 karat records 2640 pounds.
18 karat records 2263 pounds.
24 karat records 3017 pounds.
The gold pound is 21,120 pounds.
Gold ounce 2014 dollars.
Industry contraction in America affects gold
And the data of the Institute of Industrial Supply, which is the index that measures the performance of the industrial sector in the United States, was released, so that the April reading came and showed a contraction of 47.1, but it is better than the previous reading by a value of 46.3. sector.
The data of the manufacturing sector in the United States showed inflationary pressures in terms of the rise in the prices of raw materials and production supplies, in addition to the increase in the employment rate, which would support the decision to raise interest rates by the Federal Reserve, which negatively affected gold’s performance during yesterday’s trading.
Expectations indicate that the Federal Reserve will raise interest rates by 25 basis points during its meeting today, but the focus is on the bank’s statement accompanying the decision and the statements of Bank President Jerome Powell at the press conference, and we may see gold prices return to breaching the level of $2000 an ounce and trading above if the Fed sheds light On recession fears and hinted at a temporary pause in the interest rate hike cycle, while it may widen its losses if the bank indicates the persistence of inflation fears and the need for more interest rate hikes, according to Gold Billion technical analysis.
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