Written by Islam Saeed Wednesday, September 20, 2023 10:30 AM Recorded gold prices Today, Wednesday, in Egypt, there was a noticeable decline of about 10 pounds, and the price of a gram of 21 karat gold, which is the best-selling gold in Egypt, reached 2,210 pounds per gram, amid a rise in gold prices on the global stock market to levels of 1,930 dollars in today’s trading.
Gold prices today:
24 karat records 2526 pounds.
21 caliber records 2210 pounds.
An 18 karat carat costs 1894 pounds.
The gold pound is 17,680 pounds.
Details of gold movement globally
Gold prices witnessed a rise during trading yesterday, Tuesday, to record the highest level in two weeks, in light of the decline of the dollar from its lowest levels in 6 months, before the Federal Reserve meeting this week.
Spot gold prices are trading at the time of writing the Gold Billion technical report at the level of $1934 per ounce, after it rose today by 0.1%. This comes after gold prices rose by 0.5% yesterday and gained $10 per ounce, recording the highest level at $1934 per ounce.
Gold was able to attract more purchases since the beginning of the week, taking advantage of the decline in the dollar and the rise in demand for gold as a safe haven, so that gold was able to break the resistance level of $1930 per ounce, which was able to stop gold’s rise during the recent period.
Gold Billion’s analysis confirms that the decline of the US dollar from its highest levels recorded last week, making gold less expensive for buyers holding other currencies, comes before the monetary policy decisions of central banks this week by the United States, Britain and Japan.
Expectations in the markets are that the Federal Reserve will keep interest rates unchanged during its meeting this week, but the markets’ focus will be on the Federal Reserve statement and the expectations of bank members regarding the future of interest rates.
Federal Reserve Chairman Jerome Powell is also expected to indicate that inflation risks have not ended yet and that the bank remains in a wait-and-see mode for more data to be issued before making an interest rate decision.
The yield on 10-year US government bonds rose to a record during yesterday’s session and reached the highest level since October 2007 at 4.415%, before declining but remaining near its highest levels.
The high yield on government bonds increases the attraction of investments away from the gold markets, which does not provide a return to its holders. However, gold has been able to withstand since the beginning of the week, supported by the increased demand for safe havens in the markets.
Concerns about the US government shutdown and Republican lawmakers’ debate over defense spending and broader fiscal spending cuts have supported gold as a safe haven since the beginning of the week ahead of the US Federal Reserve meeting.
On the other hand, we find that the dollar index attempted to rise during Tuesday’s session by approximately 0.1% to remain near its highest levels in 6 months, but it witnessed two consecutive sessions of decline, which helped gold rise since the beginning of the week.
2023-09-20 07:30:00
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