Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Relative stability in gold prices in local markets

Gold Service

Fri 29 Mar 2024 | 01:00 AM
Waleed Farouk

Gold prices in the local markets witnessed at the end of midday trading on Thursday, despite the rise of the ounce on the global stock market, exceeding its previous peak, supported by the release of US labor market data, amid bets on reducing US interest rates and strong demand for safe havens and central bank purchases.

Saeed Embabi, CEO of the “iSagha” platform for trading gold and jewelry online, said that gold prices witnessed a state of relative stability during today’s transactions, and compared to the end of yesterday’s transactions, in light of the strong rise in the global stock market, as the price of a gram of gold rose by about 15 pounds. The price of a gram of 21 karat gold recorded 3,095 pounds, while an ounce on the global stock market rose by about $32 to record $2,223, breaking the $2,222 barrier recorded on March 8.

Embabi added that a gram of 24 karat gold recorded 3,537 pounds, a gram of 18 karat gold recorded 2,653 pounds, while a gram of 14 karat gold recorded about 2,064 pounds, and a gold pound recorded about 24,760 pounds.

Gold prices in local markets fell by 20 pounds during yesterday’s trading, Wednesday, as the price of a gram of 21 karat gold opened trading at 3,115 pounds, and trading concluded at 3,095 pounds, while an ounce on the global stock market witnessed a state of stability, as an ounce opened trading at $2191 level, and transactions concluded at the same level.

In a related context, labor market data issued a short while ago by the Ministry of Labor on Thursday revealed a decline in US aid applications, recording 210,000 for the week ending March 23, according to agreed upon estimates. Economists expected 212,000 applicants in the last week, confirming the stability of the labor market, as The number of workers filing for unemployment benefits for the first time remained virtually unchanged for the fourth straight week.

The market is awaiting the release of core personal consumer spending index data in the United States for February, which is scheduled to be released tomorrow, Friday, to obtain clearer indications about when to cut interest rates.