The gold market opens its trading at the global and local levels on the morning of Monday, July 19, after trading stopped on Saturday and Sunday with the market’s weekly holiday. Reflections on the prices of precious metals globally and then the Egyptian market.
The top 3 topics for the past week, the Dow Jones index hit levels above 35,000 in the wake of the retail sales data that exceeded expectations, which reinforces expectations of an acceleration in the growth of the US economy during the second quarter, the US inflation hit its highest level since August 2008 in June This is what partially pressured gold.
Oil prices recorded the largest weekly decline since May, as expectations of an increase in supply pressured prices, in light of the acceleration in the spread of Corona in several countries in the world, in addition to waiting for any developments regarding the OPEC + agreement on production, and the oil index is one of the drivers of the global market for gold.
The statements of Federal Reserve Chairman Jerome Powell also pressured the US dollar during trading last week, after the Fed confirmed the continuation of its easing policy to help the economy recover, but the dollar returned to rise again, benefiting from profit-taking operations in the stock markets before the end of the week.
Gold at the global level recorded a decline from 1821 dollars to 1812 dollars, according to the conclusion of the trading sessions last week, which affected the price of gold in Egypt to fall at levels of 792 pounds per gram.
The price of gold in Egypt today, 18 karat recorded 678 pounds per gram, 24 karat recorded 905 pounds per gram, 21 karat gold amounted to 792 pounds, and the gold pound was 6336 pounds.
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