Islam Saeed Books
Sunday, February 26, 2023 01:37 PM
communication gold prices Its fall in Egypt today, Sunday, its decline, so that a gram of 21 carat gold is the best-selling in Egypt, 1678 pounds in today’s trading without adding workmanship or any fees, and the value of the drop was only two pounds in trading in the goldsmiths market.
Gold prices today:
18 karat recorded 1440 pounds.
21 karat, a record of 1680 pounds.
24 caliber, 1920 pounds.
The gold pound is 13440 pounds.
Global decline in gold
The global gold markets witnessed an exciting week in the march of the precious metal, in which the decline dominated commodity prices in general, after the US dollar returned to control the course of affairs with the support of the Federal Reserve Bank and strong inflation data. Global gold prices fell during the week ending on Friday by 1.6%. To close at the level of $1810.77 an ounce, after recording the lowest level at $1808.85 an ounce, recording a decline for the second week in a row, while at the level of February to this day, gold lost $117 of its value, down by 6.1%.
On the other hand, the US dollar witnessed a significant rise in the markets, recording 5 consecutive weeks of rise, according to the dollar index, which measures the performance of the federal currency against a basket of 6 major currencies, as the dollar index rose during the past week by 1.2%.
The Federal Reserve indicated in the minutes of its meeting last Wednesday, which discusses the details of its last meeting in early February, which witnessed a 25 basis point rate hike to the range between 4.5% – 4.75%, that the bank continues to confront inflation until reaching the target at 2%, by means of Continue to raise interest rates.
Some of the Bank’s members demanded an interest rate hike of 50 basis points, but the majority of the Bank’s members agreed to reduce the rate of interest increase in order to confirm the results of the violent hike operations that began since last year, in addition to giving an opportunity for economic data to express the status of inflation and the real economy.
