For the first time in the history of the gold price in the Egyptian market, gold prices today rose to the level of 1292 pounds per gram, bringing one gram of gold closer to 1300 pounds for the first time in history due to of supply and demand factors, as well as the price of the dollar.
Global gold prices are reaching a level of $1,750 an ounce, with the weekly holiday for the gold stock, and trading in the yellow metal has stalled globally. Despite the halt in global trading, the supply and demand factors still control the movement of gold.
Gold prices today:
18 karat registered 1108 pounds.
21 carat registered 1292 pounds.
24 carats, a record 1476 pounds.
The gold pound is 10336 pounds.
Gold Division board member Mamdouh Abdullah said that the increase in gold prices in the Egyptian market is currently due to supply and demand factors.
Gold prices closed the week lower one day after St. Louis Fed James Bullard suggested during a presentation that the Federal Reserve’s policy benchmark may need to hike as much as 7%.
Gold prices fell $8.60, or 0.5%, to close at $1,754.40 an ounce on Friday, ending the week with a 0.9% loss after rising more than 5 % last week.
Gold has posted weekly losses, but has still managed to hold onto most of its gains from the past two weeks, suggesting that the precious metal may have finally broken the downtrend that has been affecting it all year.
