Books – Islam Saeed
Thursday, February 23, 2023 09:00 AM
The seventh day provides the service of publishing gold prices in the markets, moment by moment, as well as developments in the price of the precious metal in the local and global market, accompanied by some analyzes of the developments in the price of gold, while recording gold price In Egypt today, Thursday, February 23, 2023, remarkable stability at the same levels as yesterday, and below we review the developments in the price of gold
Gold prices today:
18 karat recorded 1446 pounds.
21 karat recorded 1687 pounds.
24 karat, a record of 1928 pounds.
The gold pound is 13496 pounds.
gold in the global stock exchange
settled down global gold prices Near the lowest level in 7 weeks that was recorded last week, as global markets await the release of the minutes of the Federal Reserve meeting later today to know the future outlook for US monetary policy and gold price movements in a narrow range today, to record the highest level at $1841.12 an ounce, and the lowest level at $1841.12 an ounce. 1832.81 dollars an ounce, to currently trade at 1833.70 dollars an ounce at the time of writing, after prices fell yesterday and recorded the lowest level at 1830.14 dollars an ounce..
Yesterday, the price of an ounce of gold traded 0.82% higher than the lowest level recorded in 7 weeks during the past week at $1818.81 an ounce, but this does not mean that gold has reversed its upward movement, on the contrary, we find that the downward trend is dominating the performance of the precious metal. more than 3 weeks ago.
The calmness and stability of gold’s movements today comes in light of the markets’ anticipation of the Federal Reserve’s meeting minutes in an attempt to find out the direction of monetary policy, with increasing expectations that the Federal Reserve will continue its monetary tightening operations, especially after the recent positive data, whether regarding stable inflation at 6.4% on an annual basis in January or the US employment sector, which recorded a significant jump in the number of new jobs during the same month.
The dollar stabilizes after the US data
The US dollar was able to establish its footing since the beginning of this week, to trade the dollar index, which measures the performance of the federal currency against a basket of 6 major currencies, at the level of 104.20 during yesterday’s session, after rising by 0.24%, to complete the index’s series of increases that lasted for four consecutive weeks..
The positive performance of the dollar came after the better-than-expected PMI data, which measures the performance of the US industrial sector, so that the positive data about the United States continues to increase expectations that the Federal Reserve has the opportunity for further monetary tightening and that the economy is still far from the specter of recession..
It is worth noting that monetary tightening forces gold prices to decline due to the flight of investments to US government bonds that offer a higher return in this case in light of the continuous rise in US interest rates, at a time when gold is only a store of value and does not provide a return to investors..
But concerns about an eventual US slowdown remain, especially since other data on Tuesday showed the housing market is under pressure. And the economic slowdown is accompanied by fears among investors, prompting him to search for a safe haven, which is gold.
