Gold Trims Losses As Markets Await Fed Chair's Remarks
Gold prices in local and global markets trimmed losses during mid-day trading on Thursday, as the Ukraine-Russia talks collapsed, with markets awaiting the Fed Chair's remarks later in the day.
Gold prices in local markets fell by about EGP 15 compared to yesterday's close, with the price of 21-karat gold reaching EGP 4,535 per gram, while the price of an ounce rose $21 to $3,202.
24-karat gold reached EGP 5,229 per gram, 18-karat gold reached EGP 3,921 per gram, while 14-karat gold reached EGP 3,050 per gram, and the gold pound reached EGP 36,600 per ounce. Gold prices fell by EGP 90 in local markets during trading on Wednesday. A gram of 21-karat gold opened at EGP 4,640 and closed at EGP 4,550. An ounce fell by $69, opening at $3,250 and closing at $3,181.
Gold prices in local and global markets pared their losses as tensions escalated over the ongoing Ukraine-Russia talks in Turkey.
Earlier, gold prices fell after statements from US President Donald Trump prompted investors to take further profits and sell more of their gold holdings.
In his latest comments on Thursday during his visit to the Middle East, Trump said that talks with Iran regarding a nuclear agreement were possible, according to CNN.
Trump added that Syria and Yemen deserved a chance, which he considered a major step toward calming tensions in the Middle East. The Labor Department announced Thursday that initial jobless claims in the United States reached a seasonally adjusted 229,000 for the week ending May 10. This figure was in line with expectations, as the consensus estimate was for a reading of 229,000, and the previous week's figure was revised to 229,000.
Meanwhile, the four-week moving average of new jobless claims—often viewed as a more reliable measure of the labor market due to its stability in weekly volatility—reached 230,500, exceeding expectations of 225,000 and exceeding the previous week's revised average of 227,250. Continuing jobless claims, which represent the number of people already receiving benefits, reached 1.881 million for the week ending May 3, below the expected 1.890 million but higher than the previous week's downwardly revised 1.872 million.
The U.S. manufacturing sector continues to struggle, even as activity improves in some areas, according to data from the Federal Reserve Bank of New York and the Federal Reserve Bank of Philadelphia.
The Philadelphia Regional Central Bank said its May manufacturing outlook rose to -4.0, compared to April's reading of -26.4. The data was much better than expected, as economists had expected a reading of -11.3.
Meanwhile, the New York Regional Central Bank said its Empire State Manufacturing Survey fell to -9.2, compared to April's reading of -8.1. The data was weaker than expected, as economists had expected a relatively flat reading.
The ongoing contraction in the manufacturing sector is providing some support for gold, as prices continue to trade off their overnight lows. Spot gold last traded at $3,185.50 per ounce, up 0.30% on the day.
Markets are awaiting comments from Federal Reserve Chairman Powell later today, as well as additional updates on Trump's trade initiatives.
On Wednesday, Federal Reserve Vice Chairman Philip Jefferson stated that the Fed's policy is well-positioned to respond in a timely manner to any sudden decline or rise in inflation.
Jefferson added that there is considerable doubt that inflationary pressures are temporary. The prospect of higher interest rates for a longer period casts a shadow over non-interest-bearing assets, such as gold.
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Egypt Independent
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- Egypt Independent
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