Gold prices slightly declined, domestically, on Wednesday. On the other hand, the gold ounce saw a stable performance, internationally the declining concerns about more escalations in the Middle East.
Investors are also wait for the release of influential US Economy data. The anticipated data could tease the direction of the interest rates in the US.
Saied Embabi, the Executive Director of Isagha, said that gold prices slightly fell by EGP 10, today, adding that the gram of 21-karat recorded EGP 3110. On the other hand, the price of the ounce hit $2318.
Embabi added that the gram of 24-karat recorded EGP 3554, 18-karat
reached EGP 2666, and 14-karat estimated at EGP 2074. The gold pound reached EGP 24880.
Embabi pointed out that gold prices witnessed a wave of decline since last Monday. The ounce fell from $2,391 to $2,298, before estimating at $2,315. This performance was driven by speculation about a central bank selling about 25.8 million.
He added that the prices of gold increased by $273 between March and April 24.
He added that the rise in gold prices globally is due to the increasing geopolitical tensions in the Middle East region, in addition to the increase in central banks’ purchases of gold for the purpose of hedging and the policy of abandoning the dollar. However, prices stabilized, with the decline of fears of a regional conflict in the East after Iran said it was not planning retaliation following an apparent Israeli drone attack.
Embabi continued that the statements of the US Fed officials teased the delaying of decreasing the interest rates to the end of the year.
In the same context, the markets are anticipating the release of the PCE index on Friday.
Contributed by: Rana Atef
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