Gold prices have decreased significantly today to record possible weekly losses amid investors waiting for US inflation data, this movement comes in light of the slight increase in the value of the US dollar, which increased the negative pressure on gold, which recorded a remarkable decrease since the beginning of the week, as this data is seen as a factor affecting the future monetary policies of the federal reserve.
Gold prices and global market movements
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The price of the global gold ounce witnessed a decline of about 0.6% to reach the level of 3287 dollars after the trading opened at the level of 3317 dollars, to settle at 3297 dollars, according to the “Gold Pelion” analysis, it is noted that gold is heading to record a weekly decrease by about 1.8%, especially with the stability of the markets and confidence in the US dollar at higher rates, the upcoming inflation data is expected to help determine the gold price path During the coming weeks.
The effect of customs and dollar policies on gold
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Gold prices were affected during the week after the postponement of former US President Trump to apply customs tariffs to the European Union, which prompted prices to decline, and with the volatility of customs decisions that included until the re -imposition of some fees under the Court of Appeal, gold witnessed unexpected movements and limited gains as a result of these developments, in addition, the US dollar supported a slight increase this week driven by the stability of bonds and recovery of the US economy market data.
The dollar and its connection with gold movements
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Although the US dollar has declined recently after positive statements about the American economy from the Federal Reserve President in San Francisco Marie Dali, the dollar regained some of its strength, especially with the stability of interest rates and the absence of close plans to reduce them, since inflation still exceeds 2%, which is the target limit of the central bank, which led to a noticeable impact on market liquidity and reduce demand for gold as a safe haven.
The price of local gold in Egypt and the effect of the exchange rate
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The local price of gold in Egypt witnessed a remarkable fluctuation due to the decline in the exchange rate of the dollar against the pound, as the 21 -carat gold opened the most common, trading today at the level of 4600 pounds to settle at 4605 pounds per gram, this fluctuation comes amid a relative financial stability supported by the fifth review of the International Monetary Fund to give Egypt a new financial segment to support the economy, which helped stabilize the price of foreign currencies against the Egyptian pound.
Global demand and the impact of international gold prices
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The global demand for gold has witnessed a remarkable decrease during the last days, especially in India and China, as this is due to the end of the wedding season in India in addition to the high domestic prices, while in China, gold insurance premiums decreased, which reduced the desire of buyers, these factors contributed to increasing pressure on gold globally in conjunction with the decline in material demand in other emerging markets.
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