{"id":86875,"date":"2023-11-28T00:00:00","date_gmt":"2023-11-28T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/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\/uae\/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- 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

WHISPERS-<\/strong><\/p>\n