Islam Saeed Books
Wed, 05 Apr 2023 10:03 AM
Witness prices gold bullion In Egypt, there is a noticeable movement towards the rise today, and in the context of the following lines, we monitor the latest gold prices in Egypt for weights that are in high demand in the markets.
We publish the latest update on gold prices today, Wednesday, after a move of about 10 pounds, and it records 21 karat, which is the best-selling in Egypt, from 2200 pounds, with continued fluctuation in the global price of the precious metal, and an ounce records 1983 pounds.
Gold prices today:
21 karat records 2200 pounds.
18 karat records 1886 pounds.
24 karat records 2514 pounds.
The gold pound is 17,600 pounds.
An ounce of gold is 2023 dollars.
Gold prices in the global stock exchange
Global gold prices witnessed a slight decline during trading today, Tuesday, after rising yesterday and recording the highest level in a week. This comes with increasing expectations of the possibility of more economic turmoil this year amid a slowdown in the industrial sector in the United States and high fuel costs, according to Gold Billion.
Spot gold prices decreased during trading on Tuesday by 0.1%, to trade at the time of writing the Gold Billion report at the level of $1982.90 an ounce, after prices rose and recorded the highest level in a week at $1990.40 an ounce, to approach the psychological level of $2000 an ounce.
Gold trading was confined during the previous six sessions above the support level of $1950 an ounce and below the level of $1990 an ounce, which is a momentum gathering area for the precious metal, as expectations tend that gold is preparing to re-penetrate the $2000 level and reach the highest level it recorded last March at $2009.69 an ounce, which is highest in a year.
Gold prices are trading today 6% higher than the same time last month, which indicates the ability of gold to maintain its gains that it recorded last month, and despite yesterday’s decision by OPEC + to reduce production and expectations of raising inflation, gold remained stable in a way big.
Yesterday, data was released on the Industrial Supply Institute index for the month of March, which measures the performance of the US industrial sector, and the index showed the lowest level since May 2020, to continue the contraction in the sector for six consecutive months with a decrease in new orders, which is expected to decrease further due to the tightening of credit conditions after the crisis. recent banking.
Manufacturing data also in the Eurozone, UK and Japan showed that activity in the world’s largest economies remained contracting through March. This along with a weaker-than-expected manufacturing reading from China heightened concerns of weaker global economic growth in the coming months.
This made gold return to recovery as it is the first safe haven in global markets, and was able to rise yesterday by 0.7% despite news of OPEC + sudden reduction in its production quotas by 1.1 million barrels per day, which increases expectations of an increase in inflation rates. As a result of the increase in fuel prices.
Yesterday’s data on OPEC production cuts and US manufacturing weakness changed expectations again about the future of interest rates, with markets seeing a 55.1% chance of a quarter point hike in May, but the possibility of a rate cut later this year also rose.
Yields on US government bonds declined yesterday, which reflects negative expectations for the future of interest rates, which is largely positive for gold, which is associated with an inverse relationship with yields on US bonds.
The yield on the 10-year note fell yesterday by 3.1%, to its lowest level in a week at 3.40%, while the yield on the two-year note, which is more sensitive to the future of interest, fell by 3.3% and recorded the lowest level in a week at 3.9660%.
The US dollar was negatively affected by the decline in the yield on government bonds as a result of weak manufacturing sector data. The dollar index, which measures its performance against a basket of 6 major currencies, fell today by 0.2% and hit its lowest level in 14 months at 101.44. This comes after a significant drop yesterday by 0.8%.