Gold prices fluctuated today, Thursday, November 7, especially a strong decline yesterday after Trump's quick and decisive victory in the 2024 US presidential election.
Trump's victory strengthened the dollar, which contributed to a surge in demand for risky assets, which at the same time caused gold to slide away from its recent peak, and pressed the yellow metal to a four-week low.
The price of the precious metal is currently trading near the levels of 2660 dollars per ounce, and the markets are also waiting for the announcement of the Federal Reserve's monetary policy on Thursday at 9:00 pm Egypt time, with markets widely expecting a quarter-point interest rate cut.
In addition, the expectations of interest rate cuts from other major central banks may give additional support to the attractiveness of gold, and today we have the decision of the British interest and the forecast to also cut 25 basis points.
On the other hand, gold prices in Egypt fell on Thursday, as the price of 21 carat gold, the highest traded in Egypt, is trading near the levels of 3770 pounds.
The price of 24-karat gold also fell today to levels of 4309 pounds, and 18-karat gold recorded levels of 3231 pounds per gram.
However, the price of the goldsmith's dollar rose in Egypt to the levels of 50.20 pounds, and the dollar rose inside the official banks today near the levels of 49.34 pounds, with a rise in the price of the dollar in the parallel market inside Egypt to the levels of 49.55 pounds.
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