Islam Saeed Books
Tuesday, 04 April 2023 09:51 AM
We publish the latest update in Gold prices today Tuesday, after the precious metal fell by about 130 pounds since the beginning of this week, as 21 carat, the best-selling in Egypt, recorded 2140 pounds, with the continued fluctuation in the global price of the precious metal, and an ounce recorded 1983 pounds.
Gold prices today:
21 karat records 2140 pounds.
18 karat records 1834 pounds.
24 karat records 2446 pounds.
The gold pound is 17,120 pounds.
An ounce of gold is 1983 dollars.
Gold market developments until yesterday
Calm returned to the local gold markets yesterday, Monday, after an exciting start to the week and recording historical levels in gold prices, to witness slight declines in prices and stability in trading today, in conjunction with a decline in the prices of an ounce globally, according to the gold market analysis report in Egypt issued by Gold Billion.
The calm in the gold markets comes in light of the decline in tensions since the Central Bank of Egypt raised interest rates by 200 basis points last Thursday, and the exchange rate of the pound did not move as expected by many in the markets, as the exchange rate of the dollar against the pound stabilized at the level of 30.95 pounds per dollar, below It changed about a month ago, which somewhat reduced the momentum of gold’s rise, after expectations of a new decline in the pound’s levels.
On the other hand, the National Bank of Egypt and Banque Misr offered two new savings certificates after the decision to raise interest by the Central Bank of Egypt, as the return on the first certificate reached 19% with a fixed return spent monthly, and the return on the second certificate decreased by 22%, and the two certificates have a maturity of 3 years.
After the recent central bank’s decision on overnight deposits, interest rates reached 18.25%, lending increased by 19.25%, while the main interest rate reached 18.75%. This is the highest level since July 2017.
The main reason behind this is due to the fact that gold plays a major role in the markets now, as it is a hedge against inflation, which exceeded 30% levels during February, and is also a safe haven against fears of a change in the exchange rate, which would push inflation to rise again, and thus the effect of The transfer of cash liquidity to savings certificates remains weak on investing in gold.
