The price of gold rose on Wednesday, recording a new record high, supported by weaker-than-expected US inflation readings, which strengthened expectations for a cut in interest rates amid ongoing geopolitical uncertainty.
Gold prices today in Egypt:
– 24 karat records 7028 pounds
– 21 caliber costs 6150 pounds
– 18 karat, costs 5271 pounds
– The gold pound is 49,200 pounds
The price of an ounce of international gold rose today by 1% to record the highest historical level at $4639 per ounce, after opening today’s trading at the level of $4591 per ounce, and is currently trading at the level of $4629 per ounce, according to Gold Billion’s technical analysis.
For the third session in a row, gold records a historic price, which indicates the strength of the upward momentum that has begun to enter into overbought areas, while the ceiling remains open for the price during the coming period, and the first target is $4,650 per ounce.
US CPI data showed inflation remained relatively under control at 2.6% year-on-year, and investors in risk assets are hoping for a similar PPI reading to maintain expectations of further monetary policy easing.
US President Donald Trump welcomed the inflation numbers, and renewed his call for US Federal Reserve Chairman Jerome Powell to significantly reduce interest rates.
