Gold prices fell on Monday as investors took profits before the release of US economic data, as the Asian session witnessed continuous selling ahead of the US Consumer Confidence Report on Tuesday, which may get a bigger boost than expected from President-elect Donald Trump. There is also an additional risk of a rise in core Personal Consumption Expenditures in the United States on Wednesday, which is the Fed's preferred indicator for measuring inflation.
This may add more speculation about a slower pace of interest rate cuts by the Fed, as the markets are now pricing at 55% that the Fed will cut interest rates by 25 basis points next December.
On the other hand, gold prices in Egypt fell on Monday, as the price of the 21st highest traded gold in Egypt is trading near the levels of 3728 pounds.
The price of 24-karat gold also fell today to levels of 4263 pounds, and 18-karat gold recorded levels of 3197 pounds per gram.
The price of the goldsmith's dollar also fell today in Egypt near the levels of 49.50 pounds, while we witnessed a slight decline in the dollar price inside official banks today at the levels of 49.67 pounds, and also the dollar price in the parallel market inside Egypt fell to the levels of 49.92 pounds.
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