Global gold prices have risen by $120 since the beginning of 2023

Global gold prices have risen by $120 since the beginning of 2023
Global gold prices have risen by $120 since the beginning of 2023
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Gold prices rose on Tuesday on global stock exchanges as the dollar’s decline amid expectations of a slower interest rate hike in the US made gold a more attractive bet, according to a Gold Billion report.

The price of gold rose 0.3% to 1937 dollars an ounce, and the highest price recorded during trading was 1942 dollars an ounce, and the dollar index decreased by 0.2%, which made gold priced in US dollars cheaper for many buyers.

The report said that gold has gained nearly $120 since the beginning of 2023, supported by expectations that the US Federal Reserve may raise interest rates by only 25 basis points in the first and second meeting of 2023.

This is after slowing its pace to 50 basis points in December 2022, according to gold Bullion, as the expected recession may force the US central bank to ease monetary tightening.

And the report continued, if the Federal Reserve indicates that it will continue to raise interest rates more than the markets currently expect, this may erase some of the gains that gold achieved year-to-date and pull prices back to the level of $ 1900.

US Q4 GDP growth estimates due for release on Thursday may set the tone for the January 31st to February 1st Fed policy meeting.

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Any signs of US economic weakness would be seen as a reason for the Fed to tighten less sharply, and that could support gold, which may also receive safe-haven flows.

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gold locally inside Egypt

Gold prices in Egypt stabilized around the level of 1970 pounds for the 21 carat, the most widely traded, amid quiet trading of the dollar against the pound, at the level of 29.90 pounds to the dollar.

The markets in Egypt are still awaiting the meetings of the Central Bank of Egypt next month and the course of the exchange rates, whose calm caused the gold prices to calm down.

Inflation indicators were the first support for gold prices in Egypt, as the increase in the annual general inflation rate was widespread, but food price inflation was more evident, bringing the annual food inflation rate to 37.2% in December 2022 from 29.9% in November 2022, similarly, Annual non-food inflation rose to 14.3% in December 2022 from 13.8% in November 2022.

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