Gold prices slightly down on strong US jobs data

Gold prices dipped on Monday due to a robust US jobs report that supported the US Federal Reserve’s decision to hold off on rate cuts, leading to a stronger US dollar and putting pressure on the precious metal.

Spot gold prices rose at 6:45 GMT by 0.03 per cent to $2,688.87 per ounce, compared to the previous closing price of $2,689.63.

Meanwhile, US gold futures increased 0.02 per cent to $2,714.59, compared to Friday’s closing of $2,715.

Attribution: Amwal Al Ghad English, Reuters

Subediting: Y.Yasser

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Vietnam’s banking sector to see 17% earnings growth in ’25

Vietnam’s banking sector earnings are expected to grow from 14 per cent in 2024 to 17 per cent in 2025, driven by a shift in GDP growth drivers from external to domestic factors, as reported by Xinhua citing Vietnam News on Thursday.

VinaCapital expects Vietnam’s export growth to the United States to decline this year, but anticipates that higher infrastructure spending, real estate development, and consumer spending will help offset the decrease.

VinaCapital experts emphasised that increased infrastructure spending, improved consumer sentiment, and a real estate market revival would boost banks’ credit growth, support net interest margins, and enhance asset quality recovery in Vietnam.

Attribution: Xinhua

Subediting: Y.Yasser

Egypt gold prices rise on Thursday

Egypt’s gold prices surged on Thursday, January 16, 2025, as of 12:05 pm CLT (10:06 GMT), compared to prices recorded on January 15, 2025, according to an electronic gold price platform.

Metal January 16th (EGP) January 15th (EGP) Change %
24 Carat 4,331.50 4,314.25 0.40
21 Carat 3,790.00 3,775.00 0.40
18 Carat 3,248.50 3,235.75 0.39
14 Carat 2,526.75 2,516.75 0.40
Gold Pound 30,320.00 30,200.00 0.40

It’s important to note that gold prices may fluctuate throughout the day. This information reflects the pricing data as of a specific time.

(1 United States dollar = 50.38 Egyptian pounds)

Attribution: Amwal Al Ghad English

Subediting: Y.Yasser

Asian stocks extend gains on US inflation data

Asian stocks continued the positive trend on Thursday, with MSCI’s broadest index of Asia-Pacific shares outside Japan rising by 1.2 per cent.

The market optimism was driven by a favourable US inflation report, which indicated that the consumer price index increased as expected by 2.9 per cent annually in December.

The yen strengthened slightly to 156.22 per dollar, while the euro remained stable at $1.0285, and the pound dipped 0.24 per cent to $1.2215.

Oil prices saw a modest increase following a larger-than-expected drop in US crude oil inventories, raising concerns about potential supply disruptions due to new US sanctions on Russian energy trade.

Investors are closely monitoring the situation in the Middle East as Israel escalated attacks on Gaza shortly after a ceasefire and hostage release agreement was reached to end a conflict that began 15 months ago.

Attribution: Amwal Al Ghad English, Reuters

Subediting: M. S. Salama

Gold hits 1-month high on rate cut hopes

Gold prices edged up on Thursday, reaching one-month highs. Softer US core inflation data increased expectations for additional rate cuts. A ceasefire agreement between Israel and Hamas limited further price increases.

Spot gold prices increased at 7:41 AM GMT by 0.07 per cent to $2,698.43 per ounce, compared to the previous closing price of $2,696.68.

Meanwhile, US gold futures rose 0.35 per cent to $2,727.29, compared to Wednesday’s closing of $2,717.8.

Attribution: Amwal Al Ghad English, Reuters

Subediting: M. S. Salama

Indian rupee bounces back, hits 7-m high

The Indian rupee recovered on Wednesday, bouncing back from a record low in the previous session, to record its strongest performance in over seven months, supported by a weaker US dollar and significant dollar sales by foreign banks.

The rupee ended at 86.3625 against the US dollar, marking a 0.3 per cent increase on Wednesday, its highest one-day percentage gain since June 3, 2024.

The currency hit a record low of 86.6475 in the last session but rebounded on Wednesday due to the dollar index’s drop from a two-year high and dollar sales by two major foreign banks, possibly for custodial clients, according to traders.

Despite the day’s gains, the rupee has weakened by approximately three per cent since Trump’s victory in the presidential elections in November, causing the dollar to surge. India’s slowing growth has also contributed to pressure on the local unit.

Due to the currency’s rapid decline, analysts are delaying expectations for interest rate cuts by the Reserve Bank of India (RBI) as concerns about inflation grow with the weaker currency.

Attribution: Reuters

Subediting: M. S. Salama