We publish the latest update on the price of gold today in the Egyptian market, amid momentary changes in the price of gold, and an ounce of 21-karat gold, which is Egypt’s top seller, is now trading at £1800 at the time of writing this lines, and in the context of the following lines we monitor the latest developments in the prices of the precious metal.
Gold prices today:
18 carat registers 1543 pounds.
21 carat registers 1800 lbs.
24 carat registers 2057 pounds.
The gold pound registers £14,400.
Gold prices fell globally by almost 1% last week after Jerome Powell, chairman of the Federal Reserve, said that next year we will see more interest rate hikes. It was recorded Tuesday ei US gold futures fell 0.9% to $1,802.10.
Jerome Powell, chairman of the Federal Reserve, said on Wednesday that the US central bank will adopt further interest rate hikes next year, even as the US economy is sliding towards a possible recession.
Gold is known as an inflation hedge, but high interest rates tend to weaken its attractiveness because the opportunity cost of holding non-returnable metal increases, and the dollar index is up 0.1% and an increase of the dollar makes gold more expensive for foreign buyers.
In other precious metals, silver fell 2.7% to $23.24 an ounce, platinum fell 1.1% to $1017.25, while palladium fell 0 .7% to $1903.18.
