Gold Billion: Global gold prices have jumped $120 an ounce since the beginning of 2023

Gold prices rose today, Tuesday, in global stock exchanges, as the decline in the dollar – amid expectations of raising interest rates at a lower pace in America – made gold a more attractive bet.

The price of gold rose 0.3% to 1937 dollars an ounce, and the highest price recorded during trading was 1942 dollars an ounce, and the dollar index decreased by 0.2%, which made gold priced in US dollars cheaper for many buyers, according to a report by Gold Billion for Gold Analytics.

gold price

The report said that gold has gained nearly $120 since the beginning of 2023, supported by expectations that the US Federal Reserve may raise interest rates by only 25 basis points in the first and second meeting of 2023, after slowing its pace to 50 basis points in December 2022.

The expected recession may force the US central bank to ease monetary tightening.

And the report continued: The Federal Reserve indicated that it will continue to raise interest rates more than what the markets currently expect, as this may erase some of the gains that gold achieved year-to-date and pull prices back to the level of $ 1900.

US fourth-quarter growth estimates scheduled for release on Thursday may set the tone for the January 31-February 1 Fed policy meeting, and any signs of US economic weakness will be seen as a reason for the Fed to tighten less sharply, and may support That gold, which may also receive safe haven flows.

Gold prices stabilized in Egypt around the level of 1770 pounds for the 21 carat, the most widely traded, amid quiet trading of the dollar against the pound at the level of 29.90 pounds per dollar, and the markets in Egypt are still awaiting the meetings of the Central Bank of Egypt next month and the course of exchange rates, which caused its calm in the calmness of gold prices.

Inflation indicators were the first support for gold prices in Egypt, as the increase in the annual general inflation rate was widespread, but food price inflation was more evident, bringing the annual food inflation rate to 37.2% in December 2022 from 29.9% in November 2022, similarly, Annual non-food inflation rose to 14.3% in December 2022 from 13.8% in November 2022.

The article is in Arabic

Tags: Gold Billion Global gold prices jumped ounce beginning

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