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Markets Witness Slight Stability Ahead with FED Inflation Rate Release


Gold Service

Tue 11 Jun 2024 | 11:59 PM
Waleed Farouk

Gold prices slightly declined, domestically, on Tuesday, as well as gold ounce prices in international markets ahead of the US FED inflation data release, and interest rate update.

Saied Embabi, the executive director of Isagha platform, said that gold prices fell by EGP 5 on Tuesday, The gram of 21-karat hit EGP 3115, while the ounce recorded $2312, internationally.

Embabi added that the gram of 24-karat hit EGP 3560, 18-karat recorded EGP 2670, and 14-karat estimated at EGP 2077. The gold pound reached EGP 24920.

The official explained that gold markets witness a lack of exhibited raw gold due to exportation, in addition, the fall in gold demand restricted the jumps in prices. But, the domestic prices are still higher than the international.

Furthermore, the markets are anticipating the release of the US Inflation data, and the meeting of the US Fed to have a speculation about the future monetary policy.

In the same context, early expectations pointed out that the US Fed will keep the interest rates unchanged.

China also kept its gold reserves stable, which means that it doesn't buy more gold.

Gold prices jumped by 11% since the beginning of this year due to the latest global geopolitical escalations. It hit its highest point at $2451 on May 20.

Contributed by: Rana Atef