Gold prices stabilized in local central markets at some points on Thursday, with an ounce on the global stock market falling below the $2,400 level, with renewed confidence due to pressures that may push US pressure to raise interest rates again, according to the minutes of the Federal Open Market Economic Committee yesterday.
Engineer Saeed Embabi, Executive Director of the “iSagha” platform for online gold trading, said that the prices of gold jewelry recorded an almost final state in the local markets during today’s transactions, and compared to the end of yesterday’s transactions, so that the price of a gram of 21 carat gold recorded a level of 3155 pounds, while it deteriorated. The original 13 ounce, recording 2365.
Embabi added that a gram of 24-karat gold recorded 3,606 pounds, a gram of 18-karat gold recorded 2,704 pounds, while a gram of 14-karat gold recorded about 2,104 pounds, and a similar pound of gold reached about 25,240 pounds.
There are gold prices that directly entered 10 pounds in the local markets during yesterday’s trading, Wednesday, as the price of a gram of 21-karat gold opened at the level of 3165 pounds, and stabilized at the level of 3155 pounds, while gold prices on the 43rd World Stock Exchange began trading, as the ounce opened trading. At the level of 2421 dollars, and transactions ended at the level of 2378.
The number of Americans filing new claims for unemployment benefits fell last week, pointing to a relatively stable labor market.
Initial claims for state unemployment benefits dropped 8,000 to a seasonally adjusted 215,000 for the week ended May 18, the Labor Department said on Thursday. According to consensus estimates, economists forecasted a more elevated reading of 220,000 claims.
Meanwhile, the four-week moving average for new claims – often viewed as a more reliable measure of the labor market since it flattens week-to-week volatility – rose to 219,750, an increase of 1,750 claims from the previous week's revised average of 218,000.
Continuing jobless claims, which represent the number of people already receiving benefits, were at 1.794 million during the week ending May 11, unchanged from the previous week’s revised data.
Markets are paying close attention to the labor market, which remains a critical factor for the Federal Reserve’s monetary policy. Economists note that a tight labor market will drive wage inflation higher, which will add to broadly higher consumer prices.
The gold market is not reacting much to the positive labor market data. It is seeing solid selling pressure in reaction to the hawkish sentiment reflected in the Federal Reserve’s monetary policy meeting minutes.
The Federal Reserve is already showing renewed concern regarding the persistent inflation threat. In Wednesday’s minutes, members of the FOMC said that it was taking longer than previously anticipated for them to gain greater confidence that inflation was moving sustainably toward 2%.
The minutes also showed that some members of the Federal Reserve said that if inflation pressures increase, the central bank could be forced to raise interest rates again.
Follow the latest news on Google News
