2023-09-14 10:30:00
Gold prices in Egypt fell today at the beginning of trading by about 5 pounds, as prices recorded 2,190 pounds per gram of 21 carat, while the price of gold on the global stock market fell to levels of 1,905 dollars.
Gold prices in Egypt:
24 karat records 2503 pounds.
21 caliber costs 2190 pounds.
18 karat weighs 1876 pounds.
14 karat weighs 1460 pounds.
The gold pound is 17,520 pounds.
Gold prices decline globally
Global gold prices continued to decline for the third day in a row, after US inflation data released yesterday was higher than expected, keeping negative pressure on gold prices before the release of more data today and before the Federal Reserve meeting next week.
Spot gold prices are trading at the time of writing the Gold Billion technical report at $1,906 per ounce, after it declined today by 0.1%. This comes after it recorded a decline of 0.3% yesterday, losing $5 from the price of an ounce at closing, and it had recorded the lowest level yesterday at $1,905. per ounce.
Inflation data released yesterday by the United States for the month of August showed an increase of 0.6%, tripling the previous reading of 0.2%. The annual index also jumped to 3.7% from 3.2%, as inflation rose in August at its highest pace in 14 months in light of the rise in the cost of… Fuel by 10.6%.
On the other hand, when looking at the basic inflation data, which excludes fuel and food prices and volatility factors, we find that inflation rose by 0.3% from the previous reading of 0.2%, while the annual reading witnessed a decline to 4.3% from 4.7%, representing the lowest rate of increase in two years.
The direct impact of the release of the data was positive on the US dollar and negative on gold, but after the markets understood the fact that the increase in inflation may be temporary because it is mainly resulting from the rise in fuel prices, the fluctuation returned to the dollar’s movements, losing some of its gains, so the fluctuation returned to controlling gold prices, even though they tended to To decline, according to Gold Bellion.
Markets’ pricing of US interest rates showed a 96% probability that the Federal Reserve will stabilize rates during its meeting next week, as this probability rose from 93% before the data due to the markets’ belief that the inflation data showed a decline at the annual level in core inflation.
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