Gold prices rose yesterday with the release of the US interest rate decision, where the Fed cut interest rates by 25 basis points, the second cut this year, and the Fed also acknowledged that inflation is close to the central bank's target of 2% but is still somewhat high.
Fed Governor Powell also refrained from providing any guidance on future interest rate movements, which confirms the central bank's flexibility in adapting to incoming economic data.
In addition, Powell said that the results of Tuesday's presidential election are unlikely to affect the direction of the Fed's policy in the near term.
The price of the precious metal is trading on Friday below the levels of 2700 dollars per ounce, after rising yesterday with the decision above the levels of 2710 dollars per ounce.
On the other hand, gold prices in Egypt rose slightly on Friday, as the price of the 21st highest traded gold in Egypt is trading near the levels of 3790 pounds.
The price of 24-karat gold also rose today to levels of 4331 pounds, and 18-karat gold also recorded levels of 3249 pounds per gram.
And this is despite the decline in the price of the dollar minted today in Egypt to the levels of 50.10 pounds, but the dollar price inside official banks rose today near the levels of 49.36 pounds, with the dollar price also rising in the parallel market inside Egypt to the levels of 49.61 pounds.
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