Gold Prices See 0.8% Rise on Global Markets Over the Week

Gold prices experienced a slight rise in local markets during today's trading session, coinciding with the weekend closure of global exchanges. The price of gold per ounce ended the week on Friday with a 0.8% increase, gaining $20 amid growing expectations that the US Federal Reserve will begin a cycle of monetary easing and reduce interest rates in September.

Saeed Imbabi, CEO of the online gold and jewelry trading platform "iSagha," reported that gold prices increased by 5 Egyptian pounds in local markets during today's trading, compared to the close of yesterday's trading. The price of 21-karat gold reached 3250 EGP per gram, while the price per ounce closed the week at 2411 EGP.

Imbabi added that the price of 24-karat gold recorded 3714 EGP per gram, 18-karat gold recorded 2786 EGP per gram, and 14-karat gold recorded 2167 EGP per gram. The price of a gold sovereign reached 26,000 EGP.

Yesterday, Friday, saw a 5 EGP decrease in local gold prices, with 21-karat gold opening at 3250 EGP per gram and closing at 3245 EGP per gram. Meanwhile, the price per ounce rose by $33, opening at $2414 and closing at $2411.

The US Producer Price Index (PPI) rose by 0.2% month-on-month in June, surpassing the expected 0.1% and higher than May's 0% increase. The core PPI increased by 0.4% month-on-month, exceeding expectations of 0.2%. Annually, the PPI rose from 2.4% to 2.6%, beating the forecast of 2.3%. Core inflation climbed to 3%, up from 2.6%.

Federal Reserve officials remain cautious regarding policy shifts. Chicago Federal Reserve President Austan Goolsbee noted that recent inflation data is "favorable" and could shorten the Fed's journey toward its inflation targets. St. Louis Federal Reserve President James Bullard stated that the current interest rate level is suitable for present conditions and expects the economy to grow between 1.5% and 2% this year.