Islam Saeed Books
Friday, 03 March 2023 01:30 PM
We publish the latest update in gold prices Today in the Egyptian market, after the prices changed several times during the past few hours, the gold gram was recorded 21 caliberIt is the best-selling in Egypt- 1770 pounds per gram, with the price of an ounce of gold on the global stock market moving to 1844 dollars.
Gold prices today
18 karat records 1517 pounds.
21 karat records 1770 pounds.
24 karat records 2023 pounds.
The gold pound recorded 14,160 pounds.
Gold prices in the global stock exchange
Gold prices rose globally, on their way to recording their first weekly rise since mid-January, after statements by members of the US Federal Reserve calmed the markets and pushed the dollar to decline.
The global spot price of an ounce rose today by 0.6%, to record the highest level in a week at $1847.27 an ounce, and trading at the time of writing the report at $1846.30 an ounce, and gold prices are heading to record a weekly rise of 1.8%.
On the other hand, the US dollar fell today by 0.2%, according to the dollar index, which measures the performance of the dollar against a basket of 6 major currencies. This comes after a negative week for the dollar that witnessed great fluctuation of the federal currency in the markets, according to the GOLD BULLION report.
Yesterday, statements were issued by members of the Federal Reserve, which contributed to calming the markets somewhat and gave the opportunity for gold prices to rise. The President of the Federal Reserve Bank of Atlanta, Rafael Bostick, stated that the bank raised interest rates by 25 basis points during its meeting in March.
Whereas, Federal Bank member Christopher Waller said, in a separate statement, that moderate inflation and economic growth may require interest rates to reach their peak at 5.4%, which is the current expectations in the markets and which have already been priced in most financial markets, which negatively affected the levels of the US dollar and allowed Gold is making more gains today.
On the other hand, the US government bond markets witnessed a decline of 0.8% in the yield on government bonds for 10 years, to reach the level of 4.032%, after recording yesterday the highest level in 4 months at 4.091%.
The US stock markets also recovered, supported by the statements of the Fed’s members during yesterday’s session. The Dow Jones Industrial Average closed up by 0.8%, and the S&P500 rose by 1.1%.
Central banks are interested in gold in 2023
The World Gold Council came out with a report stating that global central banks are still interested in buying gold and increasing their reserves of the precious metal during January 2023, after the record purchases that we saw in 2022.
In January 2023, central banks bought 31 tons of gold, with a monthly increase of 16%, and the purchases were made by three central banks, namely China, Turkey and Kazakhstan. This comes after China greatly intensified its gold purchases at the end of last year, while Turkey was the first in The largest official buyer of gold in 2022.
The World Gold Council believes that this increase in the appetite of central banks to buy gold will remain strong throughout this year, and data for January 2023 confirm that the trend by central banks will continue during this year.
The reports of the World Gold Council on 2022 purchases showed that the annual demand for gold worldwide increased in 2022 by an increase of 18% compared to the previous year, bringing the total demand to 4741 tons, which is the highest rate of demand for gold since 2011, after record performance. During the fourth quarter of 2022.
The demand by central banks to buy gold doubled in 2022 to reach 1136 tons, after it was worth 450 tons in 2021, setting a record for banks buying gold in 55 years, and during the fourth quarter alone of 2022 witnessed purchases from central banks by 417 tons, bringing the total for the second half of 2022 to more than 800 tons.
As for the Middle East region, it witnessed an increase in the demand for bullion and gold coins in 2022 by 42% compared to the previous year, in light of the high inflation rates in the Arab countries during the year 2022 significantly, which prompted individuals and institutions to increase the demand for gold as a store of value and a hedge against inflation. .
