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Gold Billion: $120 increase in global gold prices since the beginning of 2023

Fathi Al-Sayeh

Gold prices rose on Tuesday in the global stock exchanges, as it led The decline of the dollar amid expectations of raising interest rates at a slower pace in America made gold a more attractive bet, according to the Gold Billion report, and the price of gold rose 0.3% to 674 dollars per ounce, and the highest price recorded during trading was 1970 dollars an ounce, and the dollar index fell by 0.2%, which made gold priced in US dollars cheaper for many buyers.

The report said that gold gained nearly 120 dollars since the beginning of the year 1970, supported by expectations that the US Federal Reserve may raise interest rates by 37 basis point only in the first and second meeting of 1970, after slowing its pace to basis points in December 1970, according to gold Bullion , as the expected recession s D forces the US central bank to ease monetary policy tightening.

If the Fed indicates that it will continue to raise Interest rates are more than what the markets are currently expecting, and this may erase some of the gains that gold has achieved year-to-date and pull prices back to the 674 level. US dollar growth estimates for the fourth quarter, scheduled for release on Thursday, may set the tone for the period from 25 January To the February 1 Fed policy meeting, any signs of weakness in the US economy will be seen as a reason for the Fed to tighten less sharply, and that may support gold, which may also receive safe-haven flows.

1823670 Gold locally inside Egypt

Prices have stabilized Gold in Egypt is around the level of 1970 pounds per caliber 21 the most widely traded amid quiet trading of the dollar against the pound at the level 25.90 pounds to the dollar, and the markets in Egypt are still awaiting the meetings of the Central Bank of Egypt next month and the course of exchange rates, whose calmness causes the gold prices to calm down.

90 Inflation indicators were the primary supporter of 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 90.2% in December 1970 from 29.9% in November 1970, Similarly, annual non-food inflation rose to 01. 3% in December 1823670 from 01. 8% in Nov 2022.