We publish Price of a gram of gold In Egypt, during morning trading today, Thursday, March 7, 2024, gold recorded a noticeable move towards rising to levels of 3,200 pounds per gram of 21 carat, which is the best-selling gold in Egypt.
Gold prices today
24 karat records 3657 pounds.
21 carat costs 3200 pounds.
18 karat weighs 2743 pounds.
14 karat weighs 2311 pounds.
The gold pound is 25,600 pounds.
Global gold
The price of an ounce of global gold continued to rise for the sixth consecutive session, recording a new record level for global gold, in light of the support it received from weak American data and the statements of the head of the US Federal Reserve in his testimony before Congress.
The price of an ounce of global gold rose by 0.6% to reach the highest level at $2,149 per ounce. It opened yesterday’s session at $2,128 per ounce, and is currently trading at $2,141 per ounce.
The rise in the global gold price came after statements by US Federal Reserve Chairman Jerome Powell, where he indicated that the upcoming economic data will determine the date of the interest rate cut. The path of the economy is what will control the date of the interest rate cut, and we are not committed to any prior plan.
Powell also indicated in his testimony that the bank will reduce interest rates, but we are waiting for more evidence of a sustainable decline in inflation towards the bank’s target of 2%.
Powell also said that reducing policy restrictions too soon or too much could reverse the progress we have seen in inflation and ultimately require tougher policy to bring inflation back to 2 percent. At the same time, reducing political restrictions too late or too little could unjustifiably dampen economic activity and employment.
On the other hand, US private sector jobs data for February was released today, showing a rise in new jobs to 140,000, less than expectations of 149,000, while the previous reading was revised to 111,000 from 107,000.
As for the index of available job opportunities in February, it fell to 8.86 million from 8.89 million, and expectations were at 8.80 million.
The slowdown in US jobs data increased negative pressure on the levels of the US dollar, especially since the Fed Chairman’s statements would not bring anything new to the markets, which also reflected negatively on the US dollar.
The dollar index fell by 0.5% and recorded its lowest level in two weeks, which helped gold complete its rise during today’s session despite not having a negative correction yet.
Gold’s rebound on Tuesday came amid sharp losses on Wall Street, with stocks facing some correction at a record high. This prompted investors to the gold market as a safe haven and an alternative to risk.
A mixed batch of US economic data on Tuesday showed services growth slowing despite a jump in orders for new goods, adding to the uncertainty over interest rate policy.
The sudden rises in gold prices in recent days to record levels have shown that investors are nervous about inflation and US debt, which is pushing investors into assets with limited supply such as gold.
Global central banks themselves have become big buyers of gold recently, and some of them have been hurt by fiat currency losses in their bond portfolios, as central banks’ share of global gold demand has nearly tripled to 25%-30%.
Bank of America indicates that the rise in the US national debt by $1 trillion every 100 days is pushing investors to a safe haven during the current period and investing in gold.
All of these factors pushed gold to reach record levels within a few days, and now the markets are anticipating a correction in the price of gold after this continuous rise, especially as it remains stable above the level of $2120 per ounce, which supports the price to remain high.