Gold prices slightly jumped in domestic markets, Tuesday, after a slight increase in ounce prices internationally. The latest performance of gold came ahead with the US Federal Reserve Chairman Jerome Powell.
Saied Embabi, the executive director of the Isagha platform, said that gold prices increased by EGP 5 in domestic markets, highlighting that the gram of 21-karat recorded EGP 3105. On the other hand, the gold ounce increased, internationally, by $7 to hit $2445.
Embabi added that the gram of 24-karat recorded EGP 3549, 18-karat reached EGP 2661, and 14-karat estimated at EGP 2070.
The gold pound recorded EGP 24840.
Embabi expressed that the speculations about delaying the decrease of the interest rates led to more burden on gold prices. However, the latest geopolitical tensions in the Middle East enhanced the yellow metal revenues after the high demand from central banks.
He added that the latest economic data expressed lower expectations about the delay of lowering the interest rates. He highlighted that the latest negative US Employment data led to a 2.6%-increase in gold.
Gold reached its highest performance on May 10, recording $2378, so, the release of any negative economic data could push the prices to $2430-2500.
In the same context, the markets are anticipating the release of the US Producer Price Index, Powell's speech, and the US Consumer Price Index. This data could provide speculation about the first decrease of the interest rates or increase in the US inflation rates.
70 out of 108 experts expect that the US Fed would decrease the interest rates by 25 points in September, in addition, 65 out of 108 experts expected a 50-percent decrease in interest rates in 2024.
Contributed by: Rana Atef
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