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Slight Decline in Local Gold Prices as Markets Await U.S. Data and

Waleed Farouk Gold prices in the local market recorded a slight drop during Thursday's trading, pressured by a modest decline in global spot prices as the U.S. dollar saw a mild rebound. The market is on edge ahead of the U.S.-Russia summit scheduled for tomorrow in Alaska. Local gold prices fell by about EGP 5 compared to Wednesday's close, with 21-karat gold now trading at EGP 4,570 per gram. Globally, spot gold slipped $4 to $3,355 an ounce. In other categories, 24-karat gold stood at EGP 5,223, 18-karat at EGP 3,917, and 14-karat at EGP 3,047, while the gold pound coin was priced at EGP 36,560. On Wednesday, prices remained relatively steady, with 21-karat gold opening and closing at EGP 4,575 per gram, while spot gold rose $11 from $3,348 to $3,359. Market Drivers Gold is currently trading in a tight range near $3,355 per ounce, as a stable U.S. dollar limits its upside. Market sentiment remains fragile ahead of the U.S.-Russia summit, following U.S. President Donald Trump's warning of 'very severe consequences' if Russia does not end the war in Ukraine, according to CNN. Analysts are divided: some see the talks as a chance to ease tensions, while others fear a failure could escalate geopolitical risks, spurring safe-haven flows into gold. Focus on U.S. Economic Data Investors are awaiting U.S. weekly jobless claims and July's Producer Price Index (PPI) data for clues on the Federal Reserve's policy direction. U.S. Treasury yields fell for the second consecutive day, with the 10-year yield dropping to 4.213% and the 30-year yield to 4.803%, amid rising expectations of rate cuts. According to CME's FedWatch tool, markets are now fully pricing in a 25-basis-point cut in September, compared to about 60% odds a few weeks ago, with additional cuts likely in October and December. Federal Reserve Commentary U.S. Treasury Secretary Scott Bessent said the Fed should cut rates by 150–175 basis points, calling for an immediate 50-basis-point reduction in September. In contrast, Fed member Austan Goolsbee stressed that rate cuts require several months of favorable inflation data, while Raphael Bostic said the central bank has the 'luxury of waiting' and expects only one cut in 2025. Data Expectations Initial jobless claims are forecast to rise to 228,000 from 226,000 the previous week, with continuing claims steady at 1.96 million. PPI is expected to increase by 0.2% month-on-month and 2.5% year-on-year, while the core PPI is seen up 0.2% monthly and 2.9% annually. 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 Videos & Features Story behind Trending Jessica Radcliffe Death Video News Israeli-Linked Hadassah Clinic in Moscow Treats Wounded Iranian IRGC Fighters Arts & Culture "Jurassic World Rebirth" Gets Streaming Date News China Launches Largest Ever Aircraft Carrier News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Business Egyptian Pound Undervalued by 30%, Says Goldman Sachs Videos & Features Tragedy Overshadows MC Alger Championship Celebration: One Fan Dead, 11 Injured After Stadium Fall Arts & Culture South Korean Actress Kang Seo-ha Dies at 31 after Cancer Battle Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt News The Jessica Radcliffe Orca Attack? 100% Fake and AI-Generated