- Saeed Embabi, CEO of the iSagha platform for trading gold and jewelry online, said that gold prices stabilized in the local market during today’s trading, without change from the end of yesterday’s trading, with the price of a 21-karat gram recording a level of 3,170 pounds, coinciding with the global stock market’s weekly holiday.
- He added that a gram of 24 karat gold recorded 3,623 pounds, a gram of 18 karat gold recorded 2,717 pounds, while a gram of 14 karat gold recorded about 2,114 pounds, and a pound of gold recorded about 25,360 pounds.
- Gold prices rose on the global stock market by 2.3%, with a value of $54, during the trading week ending yesterday evening, Friday, supported by increasing expectations that the US Federal Reserve will end the monetary tightening cycle, after the recent US inflation data reinforced the early reduction of interest rates.
- The ounce closed yesterday evening at $2,414, close to exceeding its all-time high of $2,431 recorded on April 12.
- Locally, gold prices rose by 45 pounds during trading yesterday, Friday, as the price of a gram of 21 carat opened trading at the level of 3125 pounds, rose to the level of 3175 pounds, and concluded trading at the level of 3170 pounds.
- Embaby explained that gold prices on the global stock exchange exceeded the level of $2,400, due to a number of factors, including the slowdown in US inflation rates in April, as this data reinforced expectations that the US Federal Reserve would adopt a less stringent monetary policy and reduce interest rates in the near future.
- He added that the stimulus measures taken by China to stabilize the real estate sector played a role in supporting demand for gold, especially with the increasing appetite of central banks to hedge gold in the context of the partial abandonment of the dollar.
- Gold achieved unprecedented flexibility in challenging traditional correlations, as it rose at times when the dollar and Treasury bond yields rose
