Latest news with #AustinGoolsbee

See - Sada Elbalad

Gold Prices Rise As Markets Await US Inflation Data

Waleed Farouk Gold prices rose in local markets during trading on Tuesday, with the ounce rising on the global stock exchange, amid markets awaiting US inflation data to determine US monetary policy trends and gold price movements in the coming period. Gold prices rose in local markets by about EGP 20 compared to yesterday's close, with the price of 21-karat gold reaching EGP 4,625 per gram, while the price of an ounce rose by $7, reaching $3,245. The price of 24-karat gold reached EGP 5,286 per gram, the price of 18-karat gold reached EGP 3,964 per gram, and the price of 14-karat gold reached EGP 3,084 per gram, while the price of the gold pound reached EGP 37,000 per gram. Gold prices in local markets fell by EGP 110 during trading on Monday. A gram of 21-karat gold opened at EGP 4,715, touched EGP 4,555, and closed at EGP 4,605. Meanwhile, an ounce fell by $87, opening at $3,325, touching $3,215, and closing at $3,238. Gold prices rebounded, following a sharp decline on Monday following the announcement of a trade agreement between the United States and China. The sharp drop in gold prices on Monday followed the announcement of a temporary truce between the United States and China regarding tariffs. The United States agreed to reduce import tariffs from 145% to 30%, while China reduced tariffs from 125% to 10%. Markets are concerned about the lack of details in the trade agreement, which could push prices to any of the record highs reached last month. Therefore, the current decline could be a buying opportunity. The agreement eased trade tensions and fueled a rally in global stock markets, while the dollar rose to a one-month high—two factors that weaken gold's appeal. Chicago Federal Reserve Bank President Austin Goolsbee warned that current tariff levels will continue to stimulate inflation, according to the New York Times. Meanwhile, Deutsche Bank issued a report stating that easing trade restrictions on China will not lead to a rapid interest rate cut by the Federal Reserve. Meanwhile, markets are awaiting the US Consumer Price Index report for April later today, which could shape the Fed's policy outlook. A lower-than-expected CPI reading could ease pressure on the Federal Reserve and weaken the dollar, providing short-term support for gold. However, any upside is likely to reinforce expectations for monetary tightening, boosting yields and negatively impacting gold. Citibank lowered its three-month gold price target from $3,500 to $3,150, citing reduced geopolitical risks and the potential for short-term stability between $3,000 and $3,300. The bank expects continued demand for exchange-traded funds (ETFs) driven by higher savings, but also noted downward pressure from weak jewelry demand and increased supply. In related news, markets are awaiting U.S. Producer Price Index (PPI) and retail sales data this week; weekly U.S. jobless claims; the Empire State Manufacturing Survey; the Philadelphia Manufacturing Survey; Federal Reserve Chairman Jerome Powell's remarks in Washington, D.C., on Thursday; and the University of Michigan's preliminary consumer confidence survey on Friday. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Egypt confirms denial of airspace access to US B-52 bombers Lifestyle Pistachio and Raspberry Cheesecake Domes Recipe News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War