Gold prices rose in Egyptian and international markets during today’s trading, supported by a relative improvement in demand and market expectations for the US Federal Reserve’s January meeting minutes to be released this evening, according to a report published by the ‘iSagha’ platform.
According to the platform’s report, the price of 21-carat gold rose by about 115 pounds per gram to reach 6,640 pounds, while globally it rose by about $123 to $5,004.
1 gram of 24 karat gold was around 7,589 pounds, 18 karat gold was around 5,691 pounds, and the price of 1 pound of gold was around 53.12 thousand pounds.
snap price
Globally, gold prices fell to a nearly two-week low of $4,842 in the previous session, but recovered as buyers returned to the market to take advantage of the lows, helping to narrow losses.
Despite this recovery, short-term expectations are still trending towards a sideways movement with a downward slope, given the continued pressure from economic variables and weak technical indicators.
geopolitical risk
At the same time, gold’s upward momentum was limited as lower geopolitical risks and a stronger U.S. dollar, indicators of progress in the U.S.-Iranian nuclear negotiations in Geneva, as well as U.S. efforts to end the war between Russia and Ukraine, contributed to reduced demand for safe havens.
Strong U.S. labor market data also reinforced expectations for interest rates in the short term, despite expectations that monetary policy would continue to be relaxed in the second half of the year due to slowing inflation.
According to a report on the iSaqa platform, gold prices rose in Egyptian and global markets during today’s trading, supported by a relative improvement in demand and market expectations for the release of the US Federal Reserve’s January meeting minutes this evening.
According to the platform’s report, the price of 21-carat gold rose by about 115 Egyptian pounds to reach 6,640 pounds, while globally it rose by about $123 to $5,004.
The price of 24 karat gold reached around 7,589 pounds, 18 karat gold reached around 5,691 pounds, while the price of gold pounds was around 53,120 pounds.
price snatching
Globally, gold prices fell to a nearly two-week low of $4,842 in the previous session, before recovering as buyers returned to the market to take advantage of the lows, helping to narrow losses.
Despite this recovery, near-term expectations remain tilted towards a downward sideways movement as economic variables and weak technical indicators continue to pressure us.
geopolitical risk
At the same time, lower geopolitical risks and a stronger US dollar limited gold’s upward momentum, as indicators of progress in the US-Iranian nuclear talks in Geneva and US efforts to end the war between Russia and Ukraine contributed to reduced demand for safe assets.
Despite expectations for a shift to monetary easing in the second half of this year as inflation slows, strong U.S. labor market statistics have also strengthened expectations for a short-term interest rate cut.
