Global gold prices stable from Friday to Wednesday to celebrate Christmas holidays

Global gold prices rose by about 0.5% at the end of trading on Friday on the American Comex Stock Exchange، to exceed $ 1798 an ounce، or $ 58 per gram، or LE1450 per gram، so that prices remain constant from the end of trading on Friday night until next Wednesday morning for a period of 4 days on a holiday to celebrate the Christmas and the end of the year holidays in American and European countries، to start work next Wednesday morning، while the price of the precious yellow metal in Egypt reached about LE 1730 per gram، an increase of LE 280 pounds over the international price.

Gold prices increased when trading settled at the end of Friday، to close at levels less than $1800 an ounce، and gold's gains came with the issuance of economic data that indicated slowing inflation in U.S.of America، but not enough to convince the Federal Reserve to reverse its monetary policy.

Gold prices gain as inflation slows

Bloomberg agency stated that the gains in gold prices came according to data confirming that US consumer spending increased by about 0.1% last month، compared to an increase of 0.9% in October، and personal consumption expenditures - the preferred inflation measure of the Federal Reserve - increased by about 0.1% last November from month to month، after it jumped 0.4% in the previous month.

Gold prices moved in a narrow range at the end of trading in Friday، amid weak trading، while cautious traders await economic data wich issued yesterday to estimate the US Federal Reserve's position regarding raising interest rates.

The prices of the precious yellow metal fell by more than 1% in the previous session، after US economic data highlighted the country's economic recovery faster than expected، which led to support for the dollar and may push the Fed to be more careful to combat inflation.

Important US economic data

Investors' attention is shifting to personal consumption expenditures data in the United States، seeking signs of inflation that will determine the direction of gold prices in coming days.

Nevertheless، gold prices are heading towards recording the second consecutive weekly loss، although the important US economic data showed yesterday that the number of Americans who submitted new applications for unemployment benefits increased last week، with a slightly less than expected increase، while the economy recovered faster than expected in the third quarter، as It grew by 3.2%، compared to 2.9% in previous estimations.