Books – Islam Saeed Saturday, September 30, 2023 09:28 AM
decreased gold About 20 pounds have been lost in Egypt since yesterday, Friday, against the backdrop of the decline in the price of gold on the global stock market and the decline in demand in the Egyptian market, which contributed to the decline in gold prices in the Egyptian market.
Gold prices today:
21 caliber records 2175 pounds.
18 karat weighs 1864 pounds.
24 karat records 2486 pounds.
The gold pound is 17,400 pounds.
Gold on the global stock market
Gold recorded a weekly close below the level of $1,900 per ounce, which is the first close below this level since mid-last August, and this coincided with a decline in futures contracts below the psychological level as well.
Despite yesterday’s recovery in gold prices, it needs appropriate support and incentive to return to trading above the psychological level again, as this requires a weakness in the dollar levels and bond yields in the coming days.
This is in addition to a change in market expectations regarding the future of monetary tightening by the Federal Reserve. To achieve this, the markets will need to see a decline in US inflation data in addition to weakness in the employment sector.
Gold Billion believes that the presence of gold below the level of $1,900 per ounce may open the way for further decline in the short term, and we may see gold test reaching the areas of the level of $1,800 per ounce. However, any weakness in the short term does not change the basic long-term bullish expectations for the precious metal. .
Given the levels of the US dollar and record bond yields, the sell-off in gold should have occurred earlier than this, and the decline should have been sharper, but the fact that this did not happen indicates that there is support for gold preventing it from collapsing.
Gold Billion’s analysis confirmed that the biggest main support for gold is geopolitical uncertainty at the global level in light of the Russian-Ukrainian war and record inflation rates at the global level, in addition to central banks’ purchases of gold that have continued since last year.
2023-09-30 06:28:00
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