2023-07-14 10:30:00
Today, Friday, June 14, 2023, gold prices are witnessing stability, as 21 karat – which is the best-selling in Egypt – recorded 2200 pounds per gram. This came after limited price movements during the past hours before settling at this price.
Gold prices today:
24 karat records 2514 pounds.
21 karat records 2200 pounds.
18 karat records 1886 pounds.
The gold pound is 17,600 pounds
Global gold prices
Gold is on its way to achieve its largest weekly gain since last April, after recording the highest level in a month, at the expense of the significant weakness in the US dollar due to expectations that the cycle of raising interest rates by the Federal Reserve will soon end.
Spot gold prices declined to a limited extent during trading today, Friday, to trade – at the time of writing the report – at the level of $1956 an ounce, down by 0.2%, after recording the highest level in a month at $1963 an ounce.
The slight decline in gold prices today comes after five consecutive sessions of gains that pushed gold to breach the important resistance areas at 1930-1940 dollars an ounce, to return to the bullish trend to control gold trading again.
Yesterday, US data was released regarding the producer price index, which expresses inflation from the point of view of companies and producers.
During the month of June to 2.4% at the annual level of 2.6%.
This data comes after the main inflation report that was issued last Wednesday, as the consumer price index rose less than expected during the month of June and recorded the smallest annual increase in more than two years in light of the continued decline in inflation rates. The core annual consumer price index recorded 4.8%. From the previous reading, 5.3%.
The US inflation data led to diminishing expectations about raising the US interest rate more than once during the second half of the year, and the market pricing is now indicating the possibility that it will exceed 92% by raising interest by 25 basis points during the next meeting of the Federal Reserve this month.
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