The price of gold in Egypt Today Monday, January 20, 2025
Gold rises as Trump's inauguration date approaches
Gold is trading above USD 2,700 an ounce on Monday, having erased most of the losses incurred at the beginning of the week during the Asian period, as investors prepare for the inauguration of President-elect Donald Trump later today.
The reading of core inflation in the United States, along with producer price inflation and retail sales data that came in weaker than expected, also revived expectations of an interest rate cut by the Fed this year.
Low interest rates reduce the alternative cost of holding non-interest bearing gold, making it more attractive, and gold is used as a hedge against inflation, but high interest rates so far may weaken its attractiveness.
According to a majority of economists polled by Reuters, the Fed is likely to keep interest rates steady on January 29 and resume cutting in March.
The easing of tensions in the Middle East may also lead to a decline in demand for safe haven assets after the entity released the first batch of 90 Palestinian prisoners on Sunday in exchange for three hostages freed from Gaza, marking the beginning of a ceasefire after 15 months of war.
The price of gold in Egypt
On the other hand, gold prices in Egypt fell slightly on Friday, 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 levels of 4303 pounds today, while 18-carat gold is trading at levels of 3227 pounds per gram.
The price of the goldsmith's dollar in Egypt also declined to trade today at the levels of 49.50 pounds, the dollar price inside official banks also declined today near the levels of 50.40 pounds, with slight declines for the dollar price in the parallel market inside Egypt at the levels of 50.66 pounds.
