Arab Finance: Global gold prices jumped on Thursday, October 1, after softer-than-expected US inflation data eased expectations of another Federal Reserve rate hike this month, prompting investors to look for jobs data for further clues on the central bank’s policy path, as per Reuters.
Spot gold rose 0.8% to $4,187.43 an ounce by 06:25 GMT, putting bullion on track for a stronger start to October after prices fell more than 6% in September.
US gold futures for December delivery also advanced, gaining 0.7% to $4,217.50 an ounce.
The latest inflation reading strengthened expectations that the Federal Reserve may have less pressure to tighten monetary policy, potentially supporting demand for non-yielding assets such as gold. Investors are now awaiting employment data for additional signals on the health of the US economy and the Fed’s next policy move.
In Egypt, the 24-karat price amounted to EGP 7,059.43 for purchase and EGP 6,963 for sale, according to Dahab Masr by 10:12 AM.
Meanwhile, the 21-karat gold hit EGP 6,177.62 for buying and EGP 6,093.23 for selling.
The 18-karat gold reached EGP 5,295.1 for buying and EGP 5,222.77 for selling.
A gold coin stood at EGP 49,420.96 for purchase and EGP 48,745.84 for sale.
