Islam Saeed wrote Thursday, July 13, 2023 01:30 PM witness gold prices Today, Thursday, June 13, 2023, 2200 pounds were recorded for a gram of 21 carat, which is the best-selling in Egypt, as prices moved during the past hours in a limited way, but they stabilized at this price.
Gold prices today:
24 karat records 2514 pounds.
21 karat records 2200 pounds.
18 karat records 1886 pounds.
The gold pound is 17,600 pounds.
Gold stocks
Shares of gold and mining companies witnessed a significant rise and record price jumps, in light of the support they received, whether from the rise in gold prices or from the greatly increased demand for US stock markets, according to Gold Billion.
Newmont Gold Company, which is ranked first in the world with reserves of gold amounting to 96.1 million ounces in the census of last December, witnessed a significant rise yesterday, as the company’s share, listed on the New York Stock Exchange, rose by 4.4%, to record the highest level since mid-May, as it recorded a rise since the beginning of week by 7%.
As for Barrick Gold, the second largest gold company, the stock recorded an increase during yesterday’s trading on the New York Stock Exchange by 4.6%, to record the highest level since the end of last May, and recorded a weekly increase of 7%.
Indirect investments in gold benefited greatly from yesterday’s price movements, in addition to the decline in the dollar levels, which helped the commodity markets in general to recover.
The S&P GSCI Commodity Index, which acts as a standard for investing in commodity markets and as a measure of commodity performance over time, witnessed a rise yesterday by 0.28%, to record the highest level since the first of last May, and it returned today to complete this rise to record this rise since the beginning of the week until today by 1.6%.
The index is trying to get out of an occasional fluctuation area that dominated its trading for two and a half months, and with commodity prices recovering this week due to the weakness of the US dollar, the S&P GSCI index has the opportunity to breach this area to the upside, which reflects the significant increase in demand for commodity markets.
The bulk of gold’s decline is due to a weaker dollar
The last five sessions of gold trading showed that the rise in prices is due to the weakness of the dollar and not due to the increase in demand for the precious metal, which indicates that gold is still suffering due to the interest expectations of the Federal Reserve.
During the last five trading sessions, spot gold rose by 2.5% until the time of writing the report, while we find that the dollar index witnessed a rise during the same period by 2.9%, which clearly indicates that the recent gains in gold during the past five trading days were a result of the weakness of the dollar and not morale A bullish market that convinces traders to push gold prices higher.
Expectations in the markets indicate an additional decision by the Federal Bank to raise interest rates during the July meeting, and upon completion of the interest rate hike cycle, it will continue at its high levels, perhaps until the end of the first quarter of next year, without any indications of the possibility of a rate cut during this period.
This causes weakness in gold in the medium term, especially since the World Gold Council showed in its latest report that the first quarter of the year witnessed a contradiction between the increase in central bank purchases of gold and the increase in consumer demand from China, and between the weakness of the investment process in investment funds backed by gold in addition to the weakness Consumer demand by India.
Gold demand decreased during the first quarter of the year (excluding non-actual OTC demand) by 13% year-on-year to reach 1081 tons of gold, while gold demand, including non-actual OTC demand, increased by 1% year-on-year to reach 1174 tons. .
The mixed picture of gold demand in the first quarter highlights that support for gold is inconsistent with the path and outlook of monetary policy of the Federal Reserve and other central banks in general.
2023-07-13 10:30:00
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