Gold prices rose in evening transactions today, Thursday, at a value of 8 pounds, to record a gram of 21 carat gold, which is the best-selling one in Egypt, at 838 pounds per gram, affected by the high price of an ounce of gold worldwide, which broke the resistance barrier and recorded 1910 dollars.
Gold prices today:
Caliber 18: 718.25 pounds.
Caliber 21: 838 pounds.
Caliber 24: 957.75 pounds.
Gold pound: 6704 pounds.
World price: $ 1910.
The global gold market is affected by any new decisions on the economic or even political level, and during this month the US economy was on a date with the Federal Reserve’s decision on interest rates, and they were maintained.
The US Federal Reserve indicated that interest rates will remain at a level of zero percent until the end of 2023 at least, according to what was announced by Chairman Jerome Powell after the meeting of the Federal Open Market Committee of the Council, which continued for the past two days. The news made headlines in global economic newspapers.
Although this decision was supposed to support the gold market and increase the demand for it, what happened is that the dollar witnessed a significant rise during the past four weeks, which boosted investors’ appetite for risk and decreased demand for gold, which reduced its price.
The price of gold reached its peak in Egypt on August 5, 2020, recording 920 pounds per gram, which is the maximum price recorded by 21 carat gold, which is the main caliber of the Egyptian market, after an ounce reached $ 2025, a record that gold recorded for the first time in the world.
During 2020, observers confirmed that the decline in interest trade drives investors to put their money in gold as a safe haven, which increases the demand for it in an unprecedented way and pushes it to record historical prices.
Globally, gold prices rose to surpass the $ 2,000 mark for the first time in history last August, as demand for the metal, which is considered a safe haven, was boosted by a climate of extremely low interest rates and hopes for further stimulus in the United States to protect the economy affected by the Coronavirus.
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