Gold prices remain low and speculation from the US Federal Reserve

Bayanalysis - The price of gold remained lower around the level of 1780 dollars per ounce (an ounce equals about 31.1 grams), which is not far from the lowest level in 7 weeks, which recorded 1760 dollars.

Investors are digesting mixed signals from US Federal Reserve officials regarding a rate hike, awaiting more economic data and inflationary pressures.

Meanwhile, the labor market is showing signs of slowing recovery as initial claims fell less than expected in the previous week.

Testifying before Congress, Federal Reserve Chairman Jerome Powell vowed not to raise interest rates too quickly by saying the central bank would maintain its supportive stance. However, concerns that rising input costs - which could dampen demand and affect profit growth - kept investment sentiment gloomy.

Calculating the price of one gram of gold at the current price, we find that it is equivalent to 57.24 dollars, or about 900 Egyptian pounds. Of course, that is the price of 24 karat gold, which means that the price of a gram of 21 karat gold is supposed to become 788 pounds and the price of 18 karat at 675 Egyptian pounds.