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![Egypt central bank to begin cutting interest rates in September: Report](data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%201024%20683'%3E%3C/svg%3E)
Egypt's inflation to average around 25 percent in H2 of 2024, down from 31 percent in H1
![UAE gold prices stable, global rates rise but set for weekly losses](data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%201024%20683'%3E%3C/svg%3E)
U.S. economy grew faster than expected in Q2, but inflation pressures eased, maintaining market expectations of a September rate cut
![Oil prices steady on strong U.S. GDP, but headed for third weekly losses](data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%201024%20683'%3E%3C/svg%3E)
Brent oil futures expiring in September were stable at $82.38 per barrel
![UAE gold prices fall, global rates dip as investors book profits ahead of U.S. economic data](data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%201024%20683'%3E%3C/svg%3E)
If the PCE data reveals that inflation is slowing and the Fed can cut rates in September, gold prices will likely surge
![Oil prices slip amid concerns over China’s demand, pending U.S. economic data](data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%201024%20683'%3E%3C/svg%3E)
Brent crude futures for September delivery slipped 0.5 percent to $81.26 per barrel
![Türkiye terminates $5 billion deposit with Saudi Arabia to reduce external debt](data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%201024%20683'%3E%3C/svg%3E)
The $5 billion deposit was made by Saudi Arabia before Türkiye's presidential and parliamentary elections last year
![UAE gold prices up, global rates rise as investors await U.S. GDP reading](data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%201024%20683'%3E%3C/svg%3E)
In a bid to boost demand, India slashed import duties on gold and silver from 15 percent to 6 percent
![Egypt’s external debt dips 8.4 percent to $153.86 billion in five months](data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%201024%20683'%3E%3C/svg%3E)
Foreign currency inflows into the local market have jumped by about 200 percent
![UAE gold prices decline, global rates down ahead of U.S. economic data release](data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%201024%20683'%3E%3C/svg%3E)
Gold prices reached a record high of $2,483.60 last week as markets expected a 25-basis-point U.S. interest rate cut by September
![Oil prices fall to 1.5-month low amid weak outlook and surplus concerns](data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%201024%20683'%3E%3C/svg%3E)
Brent oil futures expiring in September fell 0.2 percent to $82.26 a barrel
![Oil prices rise as investors look for additional U.S. rate cut cues](data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%201024%20683'%3E%3C/svg%3E)
China's slower-than-expected economic growth sparked concerns over the country's demand for oil which continues to impact prices
![UAE gold prices rise, global rates down as focus shifts to U.S. economic data](data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%201024%20683'%3E%3C/svg%3E)
Interest rate cut expectations and the political uncertainty in the United States have supported gold prices to their record high
![UAE and Seychelles partner to promote local currency usage, interlink payment and messaging systems](data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%201024%20684'%3E%3C/svg%3E)
This includes developing the exchange market, facilitating bilateral trade and direct investment, and remittance settlement
![UAE and global gold prices lose luster amid profit-taking, dollar strength](data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%201024%20682'%3E%3C/svg%3E)
In the UAE, gold prices fell with 24-carat gold inching up to AED293.50 per gram
![ECB keeps interest rates unchanged, ‘wide open’ on September decision](data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%201024%20683'%3E%3C/svg%3E)
The Central Bank wants more evidence that inflation is still on track to reach the 2 percent target by the end of 2024
![Egypt’s Central Bank holds key rates amidst 2.2 percent GDP growth and 27.5 percent inflation](data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%201024%20683'%3E%3C/svg%3E)
The bank noted that "the current monetary stance is appropriate to support the sustained moderation of inflation."
![Oil prices retreat amid doubts about China’s demand outlook, signaling weekly losses](data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%201024%20683'%3E%3C/svg%3E)
Brent oil futures for September delivery shed 0.5 percent to $84.73 per barrel
![UAE gold prices inch up, global rates rise on rate cut hopes](data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%201024%20683'%3E%3C/svg%3E)
Fed officials noted that the path toward looser monetary policy has become shorter
![Oil prices rise amid declining U.S. crude inventories, Fed rate cut expectations](data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%201024%20683'%3E%3C/svg%3E)
Brent futures, the global oil benchmark, rose 32 cents, or 0.4 percent, to $85.40 per barrel
![Gold price hits record high of $2,482.29, UAE rates surge](data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%201024%20683'%3E%3C/svg%3E)
Markets are pricing in a rate cut of at least 25 basis points by the Fed at the September meeting
![UAE Central Bank’s gold holdings reach $5.54 billion by April end, up 12 percent year-on-year](data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%201024%20683'%3E%3C/svg%3E)
Reserves increased on a monthly basis by 3.5 percent from AED19.615 billion in March 2024
![UAE gold prices rise, global rates inch up on U.S. interest rate cut optimism](data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%201024%20683'%3E%3C/svg%3E)
Fed Chair Powell expressed confidence that inflation is returning to the central bank's target of 2 percent
![Oil prices dip amidst Chinese economic slowdown, anticipation of Fed interest rate cuts](data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%201024%20683'%3E%3C/svg%3E)
Brent crude futures fell 21 cents, or 0.25 percent, to $84.64 per barrel
![UAE gold prices steady, global rates rise as investors seek rate cut cues from Fed’s Powell](data:image/svg+xml,%3Csvg%20xmlns='http://www.w3.org/2000/svg'%20viewBox='0%200%201024%20683'%3E%3C/svg%3E)
Markets are currently pricing in a 93 percent chance of an interest rate cut in September, according to the CME Fedwatch Tool