“Gold Prices in Egypt Soar Despite Global Decline – Latest Updates and Trends”

gold price.. The prices of the yellow metal “gold” in Egypt got out of control, ignoring the global decline in the price of an ounce, which reached 1987.43 dollars at exactly 10 pm Cairo local time at the time of writing the report, as the price of 24 grams of bullion exceeded the barrier of 2900 pounds until the moment.

The decline in the global price of gold

Transformation gold price Global contracts fell sharply, as spot gold contracts fell by 0.56%, to trade at 1985 dollars an ounce, while futures contracts for the yellow metal fell by 0.45% to 1996 dollars.

This decline coincided with the rise in US Treasury yields, as the yields of the 10-year Treasury bonds increased by 1.43% to 3.447%, while the yields of the two-year Treasury bonds increased by 1.94% to 3.9715%.

The price of gold at the end of trading on Wednesday in Egypt

Global gold production is rising

China’s gold production increased by 6.9% during the first quarter of this year, according to data from the Chinese Gold Companies Association issued yesterday, to return to pre-pandemic levels of the emerging Corona virus, supported by increased demand as investors sought a safe haven away from financial market volatility.

The data showed that China’s production of locally extracted gold rose by 1.9%, to record about 48.97 tons, in the period from January to March, compared to the same period in 2022, coinciding with the return of production capacity to pre-Covid 19 levels.

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The price of gold rose at the close of trading today, Wednesday, April 26, 2023