The price of the gold pound recorded 22,320 pounds today in morning trading

Islam Saeed wrote

Tuesday, March 5, 2024 11:21 AM

The price of the gold pound today, Tuesday, recorded 22,320 pounds, in morning trading, while the last update was recorded in… Price of a gram of gold Today in Egypt, after rising again with the return of demand for the precious metal following major declines in the markets over the past few days due to the decline of the black market dollar, a gram of 21 carat gold, which is the best-selling gold in Egypt, recorded 2,800 pounds.

Gold prices today:

24 karat records 3189 pounds.

21 carat costs 2800 pounds.

18 karat carat costs 2391 pounds.

The gold pound is 22,320 pounds.

Global gold

The weak data released by the US economy during the past week was the main reason behind the sharp rise in gold prices to levels above $2,100. Industrial sector performance data were released, which showed an expansion of the contraction in the US industrial sector during the month of February, in addition to a decline in consumer confidence regarding… The future of the economy.

Before this, data on the Personal Consumption Expenditure Index, which is the Fed’s preferred measure of inflation, came to show a continued decline in inflation at the annual level. Together, these data work to increase expectations that the Fed will resort to reducing interest rates next June.

Markets are currently pricing in 70% that the Federal Reserve will begin cutting interest rates during its June meeting, raising expectations in the markets after the US economic data released last week.

It is worth noting that the rise that we saw in gold prices last Friday may also have been due to covering short selling positions, as a large jump of this size in a short period indicates that some selling positions have been covered to give the price a significant push higher.

On the other hand, this week holds important events in the financial markets and in the gold markets, most notably the testimony of Federal Reserve Chairman Jerome Powell before the House of Representatives, in addition to the government jobs report data.

Markets are now focused squarely on Federal Reserve Chairman Jerome Powell’s two-day testimony this week, looking for any further signs on the path for interest rates.

Powell is expected to reiterate his position that the Fed will need more convincing that inflation is returning toward the bank’s annual target of 2%, with the Fed chair widely expected to maintain a bias toward hawkish monetary policy.

The US government jobs report will also be released at the end of this week, with expectations of a decline in the number of new jobs during the month of February, reaching 190,000 compared to the previous reading of 353,000 jobs.

The Federal Reserve needs a decline in the performance of the labor sector in order to ensure that inflation continues to decline, and if the jobs data declines, this will increase the proximity of the decision to cut interest rates and thus will have a positive impact on the price of gold, in light of the inverse relationship between gold and interest rates.

The US dollar remains within the fluctuation range that has been controlling its movements for four weeks, which is considered neutral regarding its impact on gold prices.

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