Gold prices slightly stabilized in domestic markets during today's, Wednesday, trading. Regarding the international performance of gold, the ounce was also stabilized.
The latest performance of gold is driven by the anticipation of the US Federal Open Market Committee's (FOMC) December reports to have insights into the future of monetary policy, according to a report by the "Isagha" platform.
The Executive Director of the Isagha platform Said Embabi said that the gram of 21-karat recorded EGP 3755 EGP, while the gold ounce recorded $2650 globally.
Embabi added that a gram of 24-karat gold recorded EGP 3219 , 18 karat reached EGP 3210, while14 karat gold recorded about EGP 2504, and a gold pound recorded EGP 29960.
EmbabiEmbabi explained that gold prices jumped this week following reports that the Chinese central bank continues gold purchases, which boosted demand. In addition, the Institute for Supply Management (ISM) revealed on Tuesday that the service sector price index increased to 64.4 in December, up from 58.2 in the previous month.
He further revealed that the rise in the services sector PMI motivated market expectations that the first potential interest rate cut by the US Federal Reserve could be delayed from June 2025 to July.
Markets are watching the release of the FOMC report on Wednesday for speculations about the future of the interest rate.
Meanwhile, the U.S. Treasury Department is set to release a 10-year bond.
Christopher J. Waller, a member of the Federal Reserve Board of Governors, will discuss the US economy in Paris.
In the same context, President-elect Donald Trump stated in a press conference that the US interest rates are too high and should be reduced, according to Bloomberg.
Investors are anticipating the release of further economic data which may provide further details on the Federal Reserve's policy
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