2023-12-24 11:30:00
Islam Saeed wrote Sunday, December 24, 2023 01:30 PM
We publish the latest update on gold prices in Egypt today, Sunday, December 24, 2023. An increase of about 20 pounds, and a gram of 21 karat gold, which is the best-selling gold in Egypt, recorded 3,050 pounds amid a great demand for buying gold in Egypt.
Gold prices today:
24 karat records 3486 pounds.
21 carat costs 3050 pounds.
18 karat weighs 2614 pounds.
14 karat records 2033 pounds.
The gold pound is 24,400 pounds.
Gold globally
Gold prices rose to their highest level in nearly 3 weeks during the closing session of the week, supported by the decline in the levels of the US dollar after the lower-than-expected growth data that was issued. Gold’s rise comes after it closed above the level of $2040 per ounce at $2045, up by 0.7%, where there was a deficit The price achieved a daily close above this level two weeks ago.
Gold gained significant positive momentum during yesterday’s session after the GDP data for the United States during the third quarter of the year, which showed growth shrinking to 4.9% from the previous reading, which indicated growth of 5.2%.
In addition to this, the Philadelphia Index for the performance of the US industrial sector fell sharply to record – 10.5, compared to the previous low reading of – 5.9%, which indicates that the US economy has begun to truly suffer as a result of the interest rate hike cycle by the Federal Reserve for the purpose of fighting inflation.
These data contributed to increasing market expectations that the Federal Reserve will accelerate interest rate cuts, due to the emergence of a slowdown in various sectors of the US economy, bringing the odds of a rate cut in March to more than 70%.
As for the US dollar, it declined significantly yesterday after the weak US data, with the dollar index recording a decline of 0.6% and recording its lowest levels in 5 months, on its way to recording a weekly decline of 0.8%, which is a decline for the second week in a row.
The yield on US government bonds is trading near the lowest level in 5 months recorded this week at 3.381%, as the yield decreased this week by 1.3% to record a decline for the third week in a row.
Today, the markets are awaiting the release of the Federal Reserve’s preferred inflation index for the United States, which is the core personal consumption expenditures index that excludes fluctuation factors. The index for November is expected to show an increase of 0.2%, unchanged from the previous reading, while the annual index is expected to decline to 3.4% from the previous reading of 3.5%.
The index reading is taken into account by the Federal Reserve when assessing the performance of inflation and the US economy. If the reading falls below expectations, this will increase expectations in the markets that the Fed may resort to cutting interest rates early next year, and market bets on a rate cut at a meeting are increasing. March 2024.
This will, of course, increase negative pressure on the levels of the US dollar and thus will positively affect gold prices, which have an inverse relationship with the dollar and with US government bond yields.
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