Gold prices declined in the domestic markets, today, after the fall of the gold ounce in the international markets due to the rebound of the USD, and the US Treasury bond Yields.
Saied Embabi, Executive Director of the “Isagha” platform, said that gold prices in the local markets declined by EGP 40 today. The gram of 21-karat recorded EGP 3810, while an ounce hit $2664 in international markets.
He added that the gram of 24-karat recorded EGP 4354, 18-karat hit EGP 3266, while 14-karat was sold at EGP 2540, and the pound of gold recorded about EGP 30480.
Embabi expressed that gold prices declined due to the strength of the USD, and the rebound of the US Treasury bond revenues, highlighting that the latest weekly revenues of gold were driven by the geo-political escalations in the Middle East.
In addition, the speculations of the US Fed move to cut the interest rates by 25 points increased from 85% to 98%.
Latest released economic data in the US showed an expected rise in inflation due to the tariffs that could be imposed on imports and immigration restrictions. Therefore, the US Fed will take more cautioned monetary policies by next year.
In the same context, major central banks are expected to cut interest rates as the EU Central Bank, Canada Bank, and Swiss National Bank did last week.
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