The price of gold in Egypt Today, Thursday, January 9, 2025
The global price of gold
Gold prices rose on Thursday despite the strength of the US dollar, reaching levels of 2666 dollars per ounce.
Investors are also waiting for the US jobs report due on Friday, which may help shed more light on the Fed's policy path.
Gold reached its highest level in almost four weeks in the previous session after the weaker-than-expected US private employment report indicated that the Fed may be less cautious about easing interest rates this year.
The minutes of yesterday's Fed meeting also showed that policymakers at the meeting noted that the recent higher - than-expected readings of inflation and the effects of possible changes in trade and immigration policy indicate that the process may take longer than previously expected.
Bullion is considered a hedge against inflation, but high rates reduce the attractiveness of non-yielding assets.
The price of gold in Egypt
On the other hand, gold prices in Egypt rose on Thursday, as the price of the 21st highest traded gold in Egypt reached near the levels of 3765 pounds.
The price of 24-carat gold in Egypt also recorded further increases today, reaching the levels of 4303 pounds, and 18-carat gold is also trading at the levels of 3227 pounds per gram.
The price of the goldsmith's dollar also fell today in Egypt at the levels of 50.20 pounds, and the dollar price inside official banks also fell today near the levels of 50.65 pounds, with a slight decline in the dollar price in the parallel market inside Egypt at the levels of 50.94 pounds.
