In the latest update on gold prices in Egypt for Saturday, August 12, the market witnessed fluctuations influ♕enced by boဣth local and global factors. The most traded gold type, 21 karat, recorded a price of 2330 Egyptian pounds per gram. Here's a breakdown of the gold prices for today:
- 21 karat gold: 2330 pounds
- 18 karat gold: 1997 pounds
- 24 karat gold: 2663 pounds
- Gold pound: 18,640 pounds
In the global gold market, the precious metal experienced a challenging week, marking its third consecutive week of decline due to a combination of factors. The performance was par🏅ticularly impacted by the rise in the US dollar and the stability of government bond yields, following US inflation data that failed to prompt significant market changes.
Throughout the past week, spot gold witnessed a decline of 1.5%, shedding nearly $30 and reaching a five-week low at $1910 per ounce. The trend in gold prices has been negative since the beginning of August, with a decreas♍e of 2.7%, translating to a loss of more than $52 per ounce, as reported by Gold Billion.
Initial market expectations focused on a potential increase in US inflation rates for July due to the upward trajectory of global crude oil prices. This anticip⛄ation raised concerns about continued monetary tightening and the possibility of further interest rate hikes by the Federal Reserve, negatively affecting gold prices.
While inflation data brought some relief, indicating an annual consumer price increase of 3.2% for July (slightly below the expected 3.3%), the core index, which excludes volatile factors, rose by 4.7%. Despite this positive impact, it became evident that core inflation remained signi🎉ficantly higher than the Federal Reserve's target of 2%, suggesting the potential for future interest rate adjustments.
The release of producer price index data for July revealed a 0.8% increase from the previous reading of 0.2%, marking a positive shift for the first time in f💎ive months. This suggested that inflation might still be holding steady to some extent. Federal Reserve member Mary Daly's comments further underlined the uncertainty of the Fed's future decisions regarding 💙interest rates.
Amid these complex dynamics, the gold market continues to navigate the challenᩚᩚᩚᩚᩚᩚᩚᩚᩚ𒀱ᩚᩚᩚges posed by economic fluctuations, inflation concerns, and shifts in monetary policy. Investors and analysts remain vigilant as they m💖onitor developments that influence the precious metal's value.
