Gold prices fell in local market on Friday on the back of falling bullion worldwide. Egypt’s most popular 21-karat shed LE5 to LE3,455 per gramme on Friday, while the 24-karatgold sold for LE3,948per gramme, traders said.
The gold sovereign price shed LE80 on Friday to LE27,640.
Meanwhile, gold prices were flat on Friday, after strong US economic data eased recession concerns and dampened expectations for an aggressive interest rate cut by the Federal Reserve next month.
Spot gold edged 0.1 per cent higher to $2,457.80 per ounce. US gold futures rose 0.1 per cent to $2,495.50.
Data showed US retail sales rose one per cent last month after a downwardly revised 0.2 per cent drop in June, according to the Commerce Department’s Census Bureau.
Additionally, US jobless claims hit a one-month low last week, indicating a steady labor market slowdown and reducing market expectations of a 50 basis-point rate cut by the Federal Reserve next month.
Markets are now pricing in a 75 per cent chance of a 25 bps cut next month and a 25 per cent chance of a 50 bps reduction, the CME FedWatch tool showed. Traders were evenly split at the start of the week between the two cut options.
A low interest rate environment tends to boost non-yielding bullion’s appeal.
Meanwhile, Fed Chair Jerome Powell will speak on the economic outlook next Friday at the Jackson Hole symposium. Market will also look out for Chicago’s Fed President AustanGoolsbee’s speech, which is due later in the day.
Elsewhere, a new round of Gaza ceasefire talks was underway in the Qatari capital Doha, as Palestinian health authorities said the death toll from the war surpassed 40,000 and pressure to end the war in the Palestinian enclave mounted.
Spot silver was nearly unchanged at 28.39 per ounce, platinum ticked 0.02 per cent lower to $952.53 and palladium shed 0.4 per cent to $940.12.
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