Gold prices were steady in Egypt on Friday on easing foreign exchange rate. The 21-karat and 24-karatgold sold for LE3,115and LE3,650 respectively, traders said.
The gold sovereign price fell to LE24,920 for selling, and LE24,760 for buying, according to market data. Bullion is known as an inflation hedge, but higher rates increase the opportunity cost of holding non-yielding gold.
Meanwhile, global gold prices edged up yesterday and were on track for a fourth straight monthly gain, while investors awaited a key US inflation reading that could provide further insights into the Federal Reserve’s policy path.
Spot gold was up 0.2 per cent at $2,346.18 per ounce. Bullion prices are up 0.5 per cent so far this week. U.S. gold futures rose 0.1 per cent at $2,345.20.
Gold prices have gained 2.7 per cent so far this month after hitting a record high of $2,449.89 on May 20.
Fed policymakers continue to expect inflation to fall this year even as the labor market stays strong, leaving them in no hurry to cut the policy rate from the 5.25 per cent-5.5 per cent range they have kept it in since last July.
Traders’ bets signalled growing skepticism that the Fed will cut rates more than once in 2024, currently pricing in about a 64 per cent chance of a rate cut by November, according to the CME FedWatch Tool.
Russian mining and metals giant Nornickel lowered its forecast for the global nickel surplus this year, but said it expected a bigger global palladium deficit.
Days after miner BHP launched its takeover bid for rival Anglo American AAL.L in April, the CEOs of both headed for South Africa, where a condition to divest Anglo’s local platinum and iron ore assets was causing a political storm.
Spot silver fell 0.2 per cent to $31.11 per ounce, platinum was down 0.2 per cent at $1,022.70 and palladium lost 0.2 per cent to $946.25.
