{"id":610862,"date":"2023-11-28T00:00:00","date_gmt":"2023-11-28T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/28\/weaker-usd-drives-gold-prices-to-six-month-highs\/"},"modified":"2023-11-28T00:00:00","modified_gmt":"2023-11-28T00:00:00","slug":"weaker-usd-drives-gold-prices-to-six-month-highs","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/28\/weaker-usd-drives-gold-prices-to-six-month-highs\/","title":{"rendered":"Weaker USD drives gold prices to six-month highs"},"content":{"rendered":"

Gold prices jump on weaker USD:<\/strong> The international gold price hit its highest level in six months yesterday on the back of a weaker greenback and wagers that the Federal Reserve has reached the end of its aggressive tightening cycle, according to the Financial Times<\/a>. The spot price climbed 0.6% to USD 2,014 per ounce yesterday \u2014 around 3% below its all-time high, which some analysts expect to be surpassed before the end of the year.<\/p>\n

This could put further upwards pressure on the local market<\/strong>, where gold prices have hit unprecedented highs this year due to the prolonged currency crisis and soaring inflation. The price of 24-carat gold has now climbed almost 70% this year to surpass EGP 3,200 per gram as Egyptians rush into non-EGP assets to hedge against the prospect of further currency weakness.<\/p>\n

Beijing bourse is holding investors captive:<\/strong>The Beijing Stock Exchange has been rejecting filings by major shareholders \u2014 those with stakes of 5% or more \u2014 to sell stocks listed on the bourse to prevent a reversal of its recent rally, Reuters<\/a> reported citing three people familiar with the matter. The market's benchmark 50 Index rose 46% this month thanks to recent measures introduced by authorities to help drum up investor interest. Since its establishment in 2021, the stock has been suffering from lack of investor interest. <\/p>\n

ALSO FROM CHINA-<\/strong> It was another solid month for industrial firms<\/strong>, which were in the green for the third month running in October, Reuters<\/a> reported, citing data from the country\u2019s bureau of statistics. Net income for the sector grew 2.7% y-o-y for the month, marking a significant slowdown from September and August\u2019s figures. <\/p>\n

<\/a><\/a> <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/strong><\/p>\n<\/td>\n

\n

25,906<\/p>\n<\/td>\n

\n

+2.4% (YTD: +77.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (C<\/strong>B<\/strong>E)<\/strong><\/p>\n<\/td>\n

\n

Buy 30.83<\/p>\n<\/td>\n

\n

Sell 30.96<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB<\/strong><\/p>\n<\/td>\n

\n

Buy 30.85<\/p>\n<\/td>\n

\n

Sell 30.95<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/strong><\/p>\n<\/td>\n

\n

19.25% deposit<\/p>\n<\/td>\n

\n

20.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

11,081<\/p>\n<\/td>\n

\n

-0.1% (YTD: +5.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

9,515<\/p>\n<\/td>\n

\n

-0.4% (YTD: -6.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

3,995<\/p>\n<\/td>\n

\n

+0.1% (YTD: +19.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

4,550<\/p>\n<\/td>\n

\n

-0.2% (YTD: +18.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

7,461<\/p>\n<\/td>\n

\n

-0.4% (YTD: +0.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

4,354<\/p>\n<\/td>\n

\n

-0.4% (YTD: +14.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 79.98<\/p>\n<\/td>\n

\n

-0.7%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 2.80<\/p>\n<\/td>\n

\n

-2.0%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 2,035.40<\/p>\n<\/td>\n

\n

+0.6%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 37,008<\/p>\n<\/td>\n

\n

-1.9% (YTD: +123.9%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/strong><\/p>\n

The EGX30 rose 2.4% at yesterday\u2019s close<\/strong> on turnover of EGP 4.8 bn (69.8% above the 90-day average). Foreign investors were net buyers. The index is up 77.5% YTD.<\/p>\n

In the green: <\/strong>Orascom Development Egypt (+13.6%), GB Corp (+9.6%) and CIB (+8.1%).<\/p>\n

In the red: <\/strong>Edita (-2.7%), Abu Qir Fertilizers (-2.4%) and Beltone Financial Holding (-1.9%).<\/p>\n

It is looking like a mixed session for Asian markets in early trading this morning <\/strong>withindices almost equally split between gains and losses. Futures suggest European markets are set to open down, while major US benchmarks are likely to rise at the opening bell later today.<\/p>\n","protected":false},"excerpt":{"rendered":"

Gold prices cross six-month highs as investors bet on the end of the Fed\u2019s tightening cycle<\/p>\n","protected":false},"author":1,"featured_media":610863,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[116,72,119,7093,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-610862","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-china","tag-enterpriseam","tag-financial-markets","tag-gold","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"24bb49bc-d8f0-4083-81da-383679f74dc0","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/11\/1528.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Weaker USD drives gold prices to six-month highs","related_issue":[610840],"teaser":"Gold prices cross six-month highs as investors bet on the end of the Fed\u2019s tightening cycle","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/11\/.6e2c18e2-17be-4a76-9cb9-73c00097e527.mp3"},"yoast_head":"\nWeaker USD drives gold prices to six-month highs - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/11\/28\/weaker-usd-drives-gold-prices-to-six-month-highs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Weaker USD drives gold prices to six-month highs\" \/>\n<meta property=\"og:description\" content=\"Gold prices cross six-month highs as investors bet on the end of the Fed\u2019s tightening cycle\" \/>\n<meta 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FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/11\/1022.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":562151,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/09\/planet-finance-rising-commodity-prices-are-good-news-for-em\/","url_meta":{"origin":610862,"position":3},"title":"Planet Finance: Rising commodity prices are good news for EM","author":"enterpriseam admin","date":"9 May 2021","format":false,"excerpt":"SUPERCYCLE WATCH- Copper prices are at all-time highs off of optimism over an economic rebound that has fueled talk of a commodities supercycle amid soaring raw material prices, Bloomberg reports. The surge in prices is raising the prospect of imminent inflation \u2014 despite some analysts suggesting it will be transitory\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":578884,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/17\/global-households-arent-hopeful-on-the-economy-though-the-jobs-market-is-set-to-hold-up-in-2023\/","url_meta":{"origin":610862,"position":4},"title":"Global households aren\u2019t hopeful on the economy \u2014 though the jobs market is set to hold up in 2023","author":"enterpriseam admin","date":"17 January 2023","format":false,"excerpt":"Most people globally feel pessimistic about their financial future: Only 40% of people surveyed in an annual global survey think their household finances will be better off in five years\u2019 time \u2014 down a full 10 percentage points on last year\u2019s reading, Reuters reports. Alongside pessimism on the economy fuelled\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/281.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":555844,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/29\/2021-might-have-set-a-new-ipo-record-but-that-doesnt-mean-their-shares-are-performing\/","url_meta":{"origin":610862,"position":5},"title":"2021 might have set a new IPO record \u2014 but that doesn\u2019t mean their shares are performing","author":"enterpriseam admin","date":"29 November 2021","format":false,"excerpt":"Half of this year\u2019s large IPOs aren\u2019t doing so great: Despite smashingglobal records this year, half of the 2021\u2019s major IPOs are now trading in the red even after US stocks hit new record highs, the Financial Times writes. Dealogic data shows that of the 43 companies to have raised\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/610862","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=610862"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/610862\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/610840"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/610863"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=610862"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=610862"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=610862"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=610862"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=610862"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}