Al-Youm Al-Sabea TV provided coverage of gold price expectations in Egypt during the first week of January 2023, as prices fluctuated in the market during the past week and throughout the month of December 2022.
Gold prices in December 2022
During the month of December 2022, we have witnessed several movements in the gold pricesAs prices reached their peak this month before falling again due to speculative factors in the gold market, and with the return of stability to the market, prices have seen a significant decline and we monitor the most important stations of gold’s movement this month.
The price of gold in the Egyptian market is up 10.7% during December 2022 as gold prices jump from £1500 per 21 carat levels earlier this month to £1660 levels now in the markets. December, which brought prices to record and historic levels of 1850 pounds per gram, then the situation calmed down somewhat with the cessation of speculation and the occurrence of a confinement in the parallel dollar market.
The gold market has seen during December 2022 a significant decrease in the demand for traditional gold artifacts, with a notable increase in the demand for gold bars of different weights, as well as gold pounds, as we have witnessed throughout the month waiting lists for bullion and sterling companies, with a big trend from consumers to buy.
Supply and demand factors strongly controlled the movement of the precious metal in the Egyptian market throughout the month of December 2022, and things stabilized considerably in the last quarter of December, when we saw prices return to levels of 1550 pounds per gram of 21 carats, and as demand increased prices soared back to £1660 levels.
As regards gold quotations on the world stock exchange, the price of an ounce of gold rose from the levels of 1783 dollars an ounce at the beginning of the month to 1823 dollars an ounce, an increase of about 2.3 %, after seeing several price changes throughout the month due to US interest rates rising to 4.5% levels as well as recent US Unemployment Reports and Index of the dollar, which were reflected in gold prices, to close the month with a notable increase.
