Global gold prices witness historic hike on Friday ...Egypt

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Global gold prices witness historic hike on Friday
source : EGYPT INDEPENDENT ( Egypt ) () 48
Global gold prices hit new record levels on Friday, as gold futures rose by one percent to reach US$2,606 per ounce, while spot contracts rose by 0.75 percent to reach $2,578 per ounce. This rise comes amid the weakness of the US dollar and high expectations of a US interest rate cut next week. The “Investing” website reported the chief market analyst at KCM Trade, Tim Waterer, as saying: “Regardless of the size of the initial interest rate cut by the Federal Reserve, we appear to be on the verge of entering a long easing cycle, a scenario that bodes well for assets such as gold.” These comments come after the International Monetary Fund announced on Thursday that the time was right for the

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