Books – Islam Saeed Saturday, November 11, 2023 01:31 PM
We publish the latest update gold prices In Egypt today, Saturday, November 11, 2023, a gram of gold recorded an increase from 2,590 to 2,600 pounds a short while ago, as demand for gold in Egypt continues to fluctuate.
Gold prices today:
24 karat records 2971 pounds.
21 carat costs 2600 pounds.
An 18 karat one costs 2229 pounds.
The gold pound is 20,800 pounds.
Global gold price
Gold recorded a decline for the second week in a row on the global stock market, and recorded its lowest level in 3 weeks, after a shift in market trends away from safe havens in addition to monetary policy trends that indicated continued monetary tightening and fighting inflation.
Spot gold fell last week by 2.7%, losing $54 and recording its lowest level in 3 weeks at $1,933 per ounce. Gold recorded 4 sessions of decline out of a total of 5 sessions last week, according to Gold Billion’s analysis.
Friday alone witnessed a decline in the price of gold by 1%, despite the release of consumer confidence data in the United States of America that was lower than expectations and the previous reading.
The University of Michigan Consumer Confidence Index came in at 60.4, lower than expectations of 63.7 and the previous reading of 63.8. Despite the weak reading of consumer confidence, the details of the index showed rising consumer expectations for inflation over the next five years, which helped the markets not be affected by this data.
Last week witnessed a decline in gold prices since its beginning due to statements by members of the US Federal Reserve who confirmed that the time has not yet come to end the policy of monetary tightening, and that stopping raising interest rates is not appropriate currently in light of the bank’s lack of confidence in the inflation rate reaching the bank’s target 2. % under the current policy.
On the other hand, gold lost support from the demand for safe havens, which is witnessing a decline in the markets in light of the lack of expansion of the war in the Middle East, which led to the markets’ focus shifting to monetary policy by the Federal Reserve, and thus investments moved to high-risk financial instruments compared to… gold.
2023-11-11 11:31:00
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