Books – Islam Saeed
Saturday, February 11, 2023 01:42 PM
witness gold prices In Egypt today, Saturday, February 11, 2023, remarkable stability after an increase of about 10 pounds yesterday, to record the price of a gram of 21 karat gold, which is the best-selling in Egypt today, at the level of 1730 pounds, amid the global price of an ounce of gold rising to levels of 1864 dollars, and in the context of the following lines we monitor price developments Gold globally and locally.
Gold prices today:
18 karat records 1483 pounds.
21 karat records 1730 pounds.
24 karat records 1977 pounds.
The gold pound recorded 13,840 pounds.
Global gold prices
Gold prices changed slightly yesterday, Friday, and are heading towards a second consecutive weekly decline, as the prospects for an increase in interest rates by the US Federal Reserve weakened the attractiveness of gold, according to a technical report by Gold Billion, where gold was trading at $ 1861 an ounce at the time of writing this report. And the dollar rose by 0.20% against other currencies, heading for weekly gains. A strong dollar makes dollar-denominated gold more expensive for buyers who hold other currencies.
Richmond Fed President Thomas Barkin said Thursday that monetary tightening is unequivocally slowing the US economy, allowing the Fed to act more deliberately with any further interest rate increases.
Although gold is seen as a hedge against inflation, rising prices hurt the attractiveness of gold, which does not bear any interest, and data showed yesterday, Thursday, that the number of Americans who applied for new applications for unemployment benefits rose more than expected last week, but it remained at levels consistent with a strong labor market.
Market participants now expect the Fed’s target interest rate to peak at 5.153% in July, from the current range of 4.5% to 4.75%, according to Gold Billion Bank of England policymakers disagreed on Thursday over where it should go. Interest rates to control inflation, as Governor Andrew Bailey stressed uncertainty about the outlook, a week after the Bank of England indicated that a rate hike could be at its peak.
Despite the drop, gold is expected to rise to $2,000, and the gold market continues to suffer below $1,900 an ounce. However, in the longer term, there is still plenty of value in precious metals and it is only a matter of time before gold and silver rally as investors reduce the risk of a recession this year, according to Gold Billion analysis.
And the technical analysis of Gold Billion expected that gold will continue to shine until 2023 as investors look to protect their purchasing power and hedge against increasing economic uncertainty, and therefore we see gold prices rising to $ 2,200 an ounce during 2023, as inflation remains a major threat to consumers and the global economy. , while consumer prices fell from their highest levels last summer
And the report continued, that the Fed’s tightening has reduced the real global money supply and liquidity in the global economy, and that the decline in the money supply ultimately has the same effect on consumers as the rise in consumer prices, and with the contraction of the money supply, the price of goods rises, at the same time people enjoy With less purchasing power than they were a year ago, which will be a major impediment to growth, after the release of massive amounts of liquidity in 2020 in response to the global COVID-19 pandemic, central banks around the world are trying to bring back the harvest, and in the process, they are taking risks. trigger a new recession.
Since the end of 2019, the Fed’s M2 money supply has increased by 40%; At the same time, the money supply of the European Central Bank increased by 25%, and Gold Billion believes that central banks have a lot of liquidity that they need to restore and it will be painful, and it will reduce consumption, which in turn will affect growth, which will greatly support gold prices.
