testified Gold prices today Notable stability after yesterday’s drop of around £10 on Tuesday, with a limited drop in demand for gold in the markets now, and has reached Price per gram of gold 21 carats, which is the best selling in Egypt, 1670 pounds per gram.
Gold prices today:
18 karat registered 1430 pounds.
21 carat registered 1670 pounds.
24 carats, a record 1909 pounds.
The gold pound is £13,360.
Hisham Al-Laithi, gold and metals market analyst at Sam Precious Metals, confirmed that the global gold market in 2023 is directly linked to trends in central bank interest rates, further raising interest rates or slowing the rate of interest increases, which will have direct repercussions on the price of an ounce of gold, which registers levels close to 1827 dollars before closing the markets in conjunction with the New Year celebrations.
Hisham Al-Laithi explained in press releases today that the closest resistance point for gold is at $1830 an ounce globally, and if this point is crossed, gold will aim for the $1870 point, noting that the statements by Kristalina Georgieva, managing director of the International Monetary Fund, in which she said that the year 2023 will be more difficult than 2022 and everyone will feel the stagnation of the global economy in the first quarter of 2023. Gold will support in the first quarter of the new year and will be above the $1.830 levels.
The gold market analyst explained that expectations of a slowdown in the Chinese economy this year due to the return of shutdowns in some areas following the outbreak of the Corona virus will have direct effects on gold, which gains more confidence among investors, because the precious metal is the biggest winner of economic and geopolitical tensions.
Al-Laithi said rising interest rates and a strengthening dollar could put pressure on gold for some time this year, but at a slower-than-expected pace amid high bouts of inflation that will continue into second half of 2023, and this gives more support to gold in the first quarter of 2023.
Hisham Al-Laithi concluded that gold awaits this week’s announcement of the minutes of the Federal Open Market Committee meeting tomorrow, Wednesday, and the report on the change in US nonfarm jobs is expected to be announced, and in case jobs are positive, gold could face some decline and in case of weak jobs, gold could receive more support and a hike, aiming for $1850 in the medium term.
