Written by Islam Saeed Sunday, October 22, 2023 01:30 PM We publish the latest update in Gold prices today In the Egyptian market, and registered Gram of gold 21 karat, which is the best-selling in Egypt, costs 2435 pounds per gram, coinciding with the weekly holiday of the global stock market as well as the holiday of the goldsmiths’ market.
Gold prices today:
21 caliber costs 2435 pounds.
18 karat carat costs 2087 pounds.
24 karat records 2783 pounds.
The gold pound is 19,480 pounds.
Global gold market
A market awaits gold This week, data was released on… American economy Including the preliminary reading of the gross domestic product for the third quarter. The gold market is also awaiting the Federal Reserve’s preferred inflation data, which is the indicator of personal consumption expenditures, which may affect gold prices by the end of the week.
A positive reading of the gross domestic product in America, better than expected, may have a negative impact on gold, since the flexibility of the US economy’s growth is the most important reason behind bond yields remaining at their highest levels in 16 years, and these factors may reduce the chances of gold continuing to rise and entering into a correction. A negative level that gold greatly needs to gather enough momentum to return and breach the $2,000 per ounce level and record a new record level, according to Gold Billion’s analysis.
Market analysis indicated that the main support from the escalation in the war in the Middle East remains present to support gold, in addition to that recent weeks have witnessed an increase in the actual demand for gold in the Asian region.
In the same context, Japanese investors are seeking to protect their purchasing power, as the yen has witnessed significant weakness in the markets World currencies Which prompted them to turn to gold, and at the same time Chinese investors are turning to the yellow metal to protect themselves from the economic slowdown.
One of the reasons behind the rise in Asian gold demand last week is global geopolitical risks and capital flight caused by a possible weakening of the Chinese economy.
The detailed Commitments of Traders report issued by the Commodity Futures Trading Commission, which shows the speculative situation on gold for the week ending October 17, showed a sudden increase in contracts to buy gold by 11,080 contracts compared to the previous report, while contracts to sell gold decreased by 30,225 contracts compared to the previous report. .
Late data issued by the Commodity Futures Trading Commission (COT) report shows a significant increase in demand for contracts to buy gold compared to previous weeks, due to investments resorting to gold as a safe haven after the beginning of the war in the Middle East.
It is expected that the increasing demand for gold purchase contracts will continue during the coming period until signs emerge of resolving the current crisis and the end of geopolitical tensions.
Gold price forecast
Gold was able to trade near the psychological level of $2,000 per ounce and witnessed a clear decline in its gains once it approached this level, which indicates the presence of selling operations in this region.
There is overbought gold on technical indicators that will reduce the upside momentum gold During the next week, it is expected that gold will experience some decline as a negative correction after the large and continuous rise it witnessed over the past two weeks.
The correction may return the price to the level of $1,960 per ounce, and then the area of the level of $1,950 per ounce. Once sufficient momentum is accumulated, with the condition of a continuation of the bullish incentive, gold will return to breaching the psychological level of $2,000 per ounce.
2023-10-22 10:30:00
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