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Global gold prices experience 2.6% uptick within 1 week: Gold Bullion
Published in Daily News Egypt on 11 - 05 - 2024

In a remarkable turnaround from its recent downward trend, the global gold market witnessed a significant price rebound last week. Analysts attribute this surge to the precious metal's appeal, bolstered by the anticipation of potential interest rate reductions, a reaction to the latest labour market figures from the United States.
Over the past week, the spot price of gold soared by 2.6%, peaking at $2,378 per ounce—the highest in a fortnight. By week's end, gold prices had stabilised at $2,360 per ounce, marking a notable recovery after a fortnight of depreciation, according to insights from Gold Bullion.
Since the onset of May, there has been a 3.3% appreciation in gold prices. Despite this uptrend, the current price is still $71 shy of the previous month's zenith of $2,431 per ounce.
The latest unemployment claims data from the US, unveiled last Thursday, showed an unexpected rise in filings over the week. This development comes on the heels of a less-than-stellar April employment report, which painted a picture of dwindling job creation, a higher unemployment rate, and waning average earnings.
Market sentiment now reflects a 61% likelihood of the US Federal Reserve initiating rate cuts as early as September, with the probability increasing to 75% for November.
It's important to note that the classification of terrorist entities is subject to change based on governmental and international consensus. As of my last update in January 2022, Hamas was recognized as a terrorist organization by various nations and bodies, including the United States, Israel, and the European Union.
In terms of gold demand, the World Gold Council's recent figures show that in March alone, global central banks netted purchases amounting to 16 tonnes of gold. This activity contributed to a record-breaking first quarter, with a cumulative acquisition of 290 tonnes of gold.
Beyond central banks, the World Gold Council has also identified the State Oil Fund of the Republic of Azerbaijan as a consistent buyer, adding 3 tonnes of gold to its reserves annually. While contributions from sovereign wealth funds are modest, they introduce a new dimension to official gold demand.
Last week, the Egyptian gold market mirrored the global uptrend, with prices climbing after a spell of limited fluctuations. The global price hike lent support, although local factors—such as reduced domestic gold demand and a slight downtrend in the US dollar exchange rate—tempered the rise.
On Saturday, the opening trading price for the widely sought-after 21k gold in Egypt was pegged at EGP 3,135 per gram, maintaining the same level as the previous day's close. The market had seen a minor dip of EGP 5 from Friday's opening figure of EGP 3,140 per gram.


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