Gold prices continued to decline, to register £1,600, down £214

Today, gold prices in Egypt recorded a decline from December 5 to December 8, 2022, posting a notable drop from the $1814 level to $1600 levels, a total drop of 214 pounds per gram of 21 carat gold, which is the best-selling in Egypt, with the continuous wave of unrest in the market amid momentary changes in the price of the metal due to speculation, and the markets are seeing disturbances in the process of determining the price of gold, which has prompted some applications to determine gold prices to stop pricing the metal, as well as major manufacturing companies to stop buying and selling operations.

Globally, gold prices eased with the dollar recovering slightly as market participants await further guidance from next week’s US Federal Reserve meeting regarding interest rate hikes, and at 02:00: 48 GMT, spot gold fell 0.2% to $1783.50 an ounce, after rising. by 1% yesterday, Wednesday, supported by the decline in the dollar and US bond yields, and US gold futures fell 0.2% to $1795.10.

Dollar index and interest

The dollar index rose 0.2%, making the price of the yellow metal in the US currency more expensive for buyers than holders of other currencies, and most investors expect the Federal Reserve to hike rates interest of 50 basis points at its last meeting in 2022, which is scheduled for December 13 and 14. Market CPI report for November scheduled for release on December 13th.