witnessed Gold price in Egypt Today, Monday, January 23, 2023, in the goldsmiths market, a decrease of about 10 pounds, with the stability of the dollar exchange rate, as well as a lull in the demand for gold, and a gram of 21 karat gold, which is the best-selling in Egypt, recorded 1770 pounds per gram.
Gold prices today:
18 karat records 1517 pounds.
21 karat records 1770 pounds.
24 karat records 2023 pounds.
The gold pound recorded 14,160 pounds.
The international price of an ounce is $1,926.
Gold prices in the global stock exchange
rose gold prices During the beginning of the week’s trading today, Monday, in the global stock market, supported by the weakness of the dollar and the possibility of a slowdown in raising interest rates from the US Federal Reserve, according togold Bullion Gold prices rose by 0.12% to 1928 dollars, while the highest price gold reached globally was 1937 dollars, and the dollar index decreased by 0.1%, which made bullion priced in dollars cheaper for holders of other currencies.
And the Federal Reserve is scheduled to slow down again the pace of interest rate increases in the period from January 31, during the first monetary policy meeting in 2023, which also indicates that its battle against inflation is not over yet, and with the pace of raising interest rates to lower returns on Interest bearing assets such as government bonds, investors may prefer gold.
Actual demand fell gold In China last week in the run-up to the Lunar New Year holiday, according to a market watch report from Gold Billion, while some consumers in Japan and Singapore sold their bullion to take advantage of higher local prices.
The report indicated that the fund SPDR Gold Trustthe world’s largest gold-backed exchange-traded fund, raised its gold holdings, up 0.51%, to 917.05 tons, by the end of last week.
local gold prices
and remained Gold price in Egypt During the day’s trading, it was stable before its decline, as 21 carat gold recorded a price of 1770 pounds per gram, with a slight increase in the exchange rate of the pound against the dollar, bringing the price of the dollar around the levels of 29.80 pounds, and investors in the local market are awaiting the decisions of the Central Bank of Egypt on February 2 about the interest rate inside Egypt, And also the course of inflation in Egypt and the extent of the Central Bank of Egypt’s success in containing inflation resulting from the change in the exchange rate.
Inflation in Egypt is expected to decline in the second half of 2023, at the same time the inflation rate is expected to range between 7% and 9% by the end of the year.
It is noteworthy that in December 2022, the annual general inflation rate in Egypt rose to 21.9%, compared to a record level of 6.5% in December 2021, according to the Central Agency for Public Mobilization and Statistics. The Central Bank of Egypt revealed earlier that the annual core inflation rate in Egypt recorded 24.4% in December 2022, compared to 21.5% in November 2022.
