صدى البلد البلد سبورت قناة صدى البلد صدى البلد جامعات صدى البلد عقارات
Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Gold Prices Drop by 5 EGP in a Week


Gold Prices

Sun 02 Jun 2024 | 10:32 PM
Waleed Farouk

Gold prices in local markets fell by 0.2% during the week ending last Saturday, while global gold prices declined by 0.3% in the week ending last Friday. This decrease occurred despite economic data showing a slowdown in inflation rates, which might prompt the U.S. Federal Reserve to lower interest rates sooner than expected.

Saeed Embabi, CEO of the online gold and jewelry trading platform "iSagha," stated that gold prices in local markets dropped by 5 EGP last week. The price of 21-karat gold started the week at 3,115 EGP per gram, reached a high of 3,150 EGP, and ended the week at 3,110 EGP. Meanwhile, global gold prices fell by 14 dollars per ounce, starting at $2,333, reaching $2,451, and ending at $2,327.

Embabi added that the price of 24-karat gold recorded 3,224 EGP per gram, 18-karat gold recorded 2,666 EGP per gram, and 14-karat gold recorded 2,074 EGP per gram. The price of a gold pound stood at 24,880 EGP.

Gold prices had risen by 5 EGP during last Saturday's trading, with 21-karat gold starting at 3,105 EGP per gram and ending at 3,110 EGP. This rise coincided with the weekend closure of the global stock exchange.

The Personal Consumption Expenditures (PCE) index, the Federal Reserve's preferred inflation measure, showed a slowdown in core price pressures to 0.2% month-over-month, down from 0.3%, according to the Bureau of Economic Analysis.

While broader PCE data aligned with expectations, the unexpected drop in core PCE indicates that inflation in the U.S. is slowing faster than anticipated. This scenario has increased the likelihood of the Federal Reserve lowering interest rates sooner rather than later.