© Reuters.
Investing.com – The market appears to continue to experience steep swings in the coming days, with the meeting of the Central Bank of Egypt approaching on Dec. 22 to announce its interest rate decision amid expectations to liberalize exchange rates For the third time .
Gold prices fell on Sunday to deepen their losses, after hitting their all-time high on Thursday, December 15, when the price of 21-karat fell sharply, losing £100, while the 14-karat gram returned to re-register £1200 after breaking record highs.
Pricing chaos
Saeed Imbaby, executive director of the ‘iSagha’ internet gold and jewelery trading platform, said that gold prices in local markets are subject to price chaos.
He added that there are no standards for the price of an ounce of gold, as the price of an ounce of 21-karat gold varies between £1850 and £1950.
Prices today
The price of a gold pound is £13,840
The price of a 24-carat gram was 1977 pounds
The price of a gram of 21 carats today was 1730
Today the price of 18-karat is 1483 pounds per gram
The price of a 12-gram gram is now £1,000
Record price of 14 carats today £1200.
record levels
Last Thursday’s price jumped sharply during evening trading, to push the gold pound past £15,000, and the gold division of the Cairo Chamber of Commerce.
According to the goldsmiths, the price of an ounce of gold has risen to £1900, a £250 increase from its level in mid-trade last Thursday, which is its all-time high.
Why land
Club Naguib, former Secretary General of the Gold Division of the Cairo Chamber of Commerce, said a gram of 21-karat gold was down today to levels below £1800, compared to 1910.
Naguib attributed the price decline to the occurrence of many selling after yesterday’s price increase to take advantage of the price difference and make profits, which resulted in an increase in supply and pushed prices down again.
gold globally
It was higher at the close of trading on Friday, December 16, trimming the losses it had seen over the past week, as trade closed.
Gold futures for February delivery rose 12.40, or 0.7%, to $1,800.20 an ounce, posting a weekly loss of 0.6%.
“Precious metal prices rebounded mid-week on weak inflation data and hopes that the Federal Reserve will stop raising interest rates soon,” said Rob Haworth, chief investment analyst at the US Bank Wealth Management.
“The Fed’s aggressive announcement late on Wednesday, December 14th put severe pressure on gold prices,” Haworth added.
Commerzbank expects gold to fall to around $1,750 an ounce until it is clear that the US rate-hiking cycle is over, as prices climb to $1,850 by the end of 2023.
