The price of gold on global markets fell by around 1.6 percent during the trading week, hitting $ 1644, the lowest level since April 2020, affected by the rise in the dollar and the rise in yields. of US Treasuries, as well as the adoption by the US Federal Reserve of a stricter policy to reduce inflation rates.
and provide “the weekFor its followers to know everything about the service in the steps and how to implement it, within a continuous service that it provides its visitors in various fields, and you can follow by clicking down here
The price of gold during the start of trading today, Sunday
The price of 24-karat gold, the purchase of 1,285, the sale of 1,291 pounds.
The price of 22-karat gold, the purchase of 1,178, the sale of 1,184 pounds.
The price of 21-karat gold, the purchase of 1,124, the sale of 1,130 pounds.
The price of 18 karat gold, buy 963, sell 969 pounds.
The price of 14 karat gold, buy 749, sell 753 pounds.
The price of 12-karat gold, the purchase of 642, the sale of 646 pounds.
The gold market has witnessed a state of confusion in the last few hours, particularly prior to the decision by the Central Bank’s Monetary Policy Committee to fix the interest rate .. the price rose suddenly and then fell rapidly .. and statements have been circulated about the existence of manipulations by some to obtain profits .. which has raised questions about what is going on in the gold market.
In this regard, Amr Al-Maghraby, member of the Gold and Jewelery Division of the Chamber of Commerce, confirmed that there is no manipulation in the gold market – as has been reported – and that gold is a commodity like other commodities. which are affected by global markets and are locally linked to the forces of supply and demand.
He said in exclusive statements to Al-Osboa that what happened last Thursday, and before the Central Bank’s decision to fix the interest rate, that the gold market witnessed a demand to buy out of fear of a liberalization of the interest rate. exchange rate and an increase in the price of the dollar against the pound. The price of gold also rose globally following the US Federal Reserve’s decision to raise the interest rate.
Al-Maghraby added that after the Central Bank of Egypt’s decision to fix the interest rate, stability returned to the market and the price of a 21-carat gram fell from 1165 pounds to 1145 pounds.
On the role of the division, Amr al-Maghraby said the division does not set prices and its work is voluntary and serves members, and does not have the authority to set prices.
Saeed Imbabi, CEO of the “i-Sagha” platform for trading gold and online jewelry, had instead stated in his statements that there is a case of unjustified manipulation of gold prices in the local market, with the aim of achieving strong profits by some large traders, who damage the interests of goldsmith shops, gold and citizens.
He pointed out that some traders in recent days have taken advantage of the rumor of the decline of the pound against the dollar, raising interest rates, and the pretext of supply and demand to evaluate the price of an ounce on the world exchange on the dollar rate. exchange rate higher than that traded on the black market, approaching around 25 pounds.
–
