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Editor in Chief Mohamed Wadie

Gold Prices Jump Ahead of Rising Odds of Fed Interest Decrease


Gold Service

Wed 03 Jul 2024 | 07:07 PM
Waleed Farouk

Gold prices jumped in domestic markets, on Wednesday, after an incrase in gold ounce. The latest performance of gold was driven by the rising odds about US Fed intention to decrease interest rates.

Saied Embabi, the exeuctive director of Isagha platform, said that gold prices jumped by EGP 10. The gram of 21-karat hit EGP 3170, while the ounce hit $2348 after having a $17-increase.

In the same context, the gram of 24-karat recorded EGP 3623, 18-karat recorded EGP 2717, and 14-karat reached EGP 2114. The gold pound recorded EGP 25360.

The statemnts of the US Fed Chairman supported the trending speculations about the US Fed intention to decrease the interest rates.

He added that the PCE index decrease proves US Fed policies efficiency, highlighting that the US Fed wants to make sure of the latest recorded rates of inflation of the US.

The markets are still anticipating the release of further data like the monthly labor report, and the statement of the Federal Open Market Committee meeting.

Contributed by: Rana Atef