The gold market in Egypt closed trading yesterday after recording the highest levels in the history of gold pricing, following an unprecedented jump in the global ounce price above $3,830. Gold opened in Egypt amid great anticipation of global developments.

Recent data released by the United States at the end of last week showed that the decline in the inflation rate in the US gave markets reason to believe that further interest rate cuts by the Federal Reserve may be seen in the bank’s meetings in October and December.

The general trading trend is very positive for gold currently, and we may witness the recording of several historic levels this week. The gold market is currently in a good position, and thus expectations for further increases in the coming period are growing.

Traders currently weaken the probability of an interest rate cut by the Federal Reserve in October to 10%, with about a 65% chance of another cut in December. This has caused the US dollar index to fall for the second consecutive session, reducing the gains it recorded last week.