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Editor in Chief Mohamed Wadie

Gold Prices Jump Among Specilations for Another US Fed Chairman Statement


Gold Service

Wed 10 Jul 2024 | 08:43 PM
Waleed Farouk

Gold prices jumped in domestic markets, on Wednesday, after the price of the gold ounce increased. The main reason for this rise is increased odds over the US Fed's intention to decrease the interest rates.

Saied Embabi, the executive director of the Isagha platform, said that gold prices increased. The gram of 21-karat hit EGP 3225 , while the ounce hit $2372 .

In the same context, the gram of 24-karat recorded EGP 3686 , 18-karat recorded EGP 2764 , and 14-karat reached EGP 2150 . The gold pound recorded EGP 25800 .

Gold prices rose, internationally, as the markets anticipate the second appearance of the US Fed Chairman before Congress later today, ahead with continued growing speculations regarding the US Fed's intention to decrease the interest rate.

Federal Reserve Chairman said in his previous remarks before Congress that the latest inflation data showed fine progress and that “more good data” could open the door to lower interest rates.

He stressed that the central bank will continue to make decisions on monetary policy at every meeting, adding that keeping interest rates too high for too long could jeopardize economic growth.

The chairman also stated that inflation data during the first quarter of this year did not convince Fed officials that inflation was under control.

In the same context, Embabi pointed out that the Chinese Central Bank’s halt of purchasing gold for the second month in a row may prompt investors to reduce their expectations regarding the rise in gold prices.

He expected gold prices to decline in global markets soon and until central banks back to purchase gold again, in addition to the next decisions by the US Fed on interest rates.

The markets are still anticipating the statements of the US Fed officials, and the release of further US economic data like the US Consumer Price Index for June.

Contributed by Rana Atef