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Gold is looking to rise to the range between 1950 and 1960 dollars, based on the combination of supportive factors that help sustain the sharp rise in gold prices, as gold ended last week on the rise, supported by the weakness of the dollar and weak returns on US bonds, as US data raised fears of recession, according to Gold Billion. .
A report, gold Bullion, said that the yields of ten-year bonds ended the week down by 0.5%, as the US dollar index fell by about 0.20% to 101.99, which boosted the demand for gold, which rose by 0.30% during the week, and also raised the alarming weakness in the US economy, Recession fears are also reflected in key economic indicators such as US retail and industrial sales released in the week ending January 20, as US retail sales for December fell 1.1% from November, even retail sales for November were revised from -0.60% m/m to – 1%.
The report indicated that industrial production decreased by 0.7% in December, marking the worst decline since September 2021, as manufacturing loses its momentum further due to higher interest rates and higher prices, and the data showed a decline of 1.10% in November, which supported the upward movement of gold.
And the gold bullion report confirmed, investors’ anticipation next week for the main economic data for the fourth quarter of US gross domestic product and the core personal consumption expenditures price index, which is the Federal Reserve’s preferred inflation measure, and personal consumption expenditures data may show continued decline in inflation readings, although some Downside is quite possible after a sharp rise in a relatively short time, gold is expected to rise in the near term as the outlook remains positive.--
gold locally in Egypt-
Gold prices opened last week’s trading at an average price of 1850 pounds for a 21-carat gram, then the week’s trading ended on Friday evening at an average price of 1785 pounds for a 21-carat gram, so that would be a negative closure, amid the stability of the exchange rate of the dollar against the pound in Egypt around the level of 29.70 pounds to the dollar.
These losses come despite the rise in gold globally, due to the calmness of the dollar exchange market inside Egypt, which caused a calming of the demand for gold on the part of citizens. back.
Investors in Egypt are still awaiting the meeting of the Central Bank of Egypt on the second of February, amid expectations of raising interest to control inflation resulting from the high exchange rate of the dollar against the pound, and individuals in Egypt are waiting for any signs of the success of the new monetary policy in controlling inflation.