The season of fixing interest in the world is reflected in gold prices.. the yellow metal is approaching the highest level in two months

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After sharp declines in the markets during the mid-week trading sessions, gold began the journey of correcting the path and rising again to levels that are almost the highest in two months, against the backdrop of the return of high demand for the precious metal after the wave of interest stabilization that we witnessed this week, after America and Britain kept the interest rate without any change.

Global gold prices

Gold prices globally recorded a rise of more than 1% at the close this week, approaching its highest level in two months, as the reluctance of major central banks to change interest rates this week increased demand for the metal, which is considered a safe haven, and gold rose in spot transactions 1.4% To $ 1816.7 an ounce, recording an increase after declining 0.3%, as a result of data showing that employment in the United States increased more than expected in October.

And US gold futures for December delivery rose at a settlement of 1.3%, recording $ 1816.80 an ounce, and the limited reaction to the data proves that “despite the strong report of the labor market, it will not change what the Federal Reserve Chairman Jerome Powell indicated this week.”

The Federal Reserve on Wednesday stuck to its view that inflation would prove “temporary” and likely not require a rapid rise in interest rates, after which the Bank of England surprised markets by keeping rates on hold.

Among other precious metals, silver rose in spot transactions by 1.2 percent to $ 24.05 an ounce, platinum increased 0.7 percent to $ 1032.71 an ounce and palladium rose 1.3 percent to $ 2025.32 an ounce.

Installing interest in America

The US Federal Reserve decided to reduce the asset and bond purchase program by $15 billion per month, as of mid-November, while it decided to keep the current interest rates unchanged near zero, and the board announced, at the conclusion of a two-day meeting, that the bank would adjust the pace of bond purchases. And assets if economic conditions change, and indicated that inflation rates are high, and that the factors that promote inflation are “temporary.”

The Federal Reserve buys $80 billion in Treasuries and $40 billion in mortgage-backed securities each month, along with keeping the benchmark interest rate near zero, in a coordinated effort to keep financial markets stable and support the economy.

Fixing interest in England

The Bank of England kept interest rates unchanged, defying expectations by many investors that it would become the first major central bank to raise interest rates in the wake of the coronavirus pandemic, and the Bank of England’s Monetary Policy Committee voted 7-2 to keep the interest rate unchanged at its historic low of 0.1. And 6-3% in favor of continuing the current program to buy British government bonds with a target stock of 875 billion pounds, equivalent to 1.2 trillion dollars.

The Monetary Policy Committee voted unanimously to keep its stock of £20 billion in corporate bond purchases, keeping the total asset purchase program at £895 billion the bank’s last decision.

Gold prices globally recorded a rise of more than 1%, following the decisions to fix interest, bringing gold close to its highest level in two months, as the reluctance of major central banks to change interest rates this week led to an increase in demand for the metal, which is considered a safe haven, and gold rose in spot transactions. 1.4% to $ 1816.7 an ounce, recording an increase after declining 0.3%, as a result of data showing that employment in the United States increased more than expected in October.

And US gold futures contracts for December delivery rose at a settlement of 1.3 percent, recording $ 1816.80 an ounce, and the limited reaction to the data proves that “despite the strong report of the labor market, it will not change what the Federal Reserve Chairman Jerome Powell indicated this week.”

The Federal Reserve stuck to its view last Wednesday that inflation would prove “temporary” and likely not require a rapid rise in interest rates, after which the Bank of England surprised the markets by keeping interest rates unchanged.

Among other precious metals, silver rose in spot transactions by 1.2 percent to $24.05 an ounce, platinum rose 0.7 percent to $1032.71 an ounce, and palladium rose 1.3 percent to $2025.32 an ounce.

Gold prices today in Egypt are witnessing a noticeable rise in trading in the local market, against the backdrop of the rise in the global gold price at the end of the week’s sessions yesterday, Friday, as the gold market closes late in the evening of Friday, to stop trading on gold on the stock exchanges over the course of Saturday and Sunday, the price of gold It is now registered in the markets in Egypt 785 pounds per gram of 21 caliber, which is the main caliber in the market, and the demand for it increases in all governorates of the Republic, especially the governorates of Upper Egypt and the border governorates.





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