The price of afor a gold pound In Egypt, today’s transactions, Wednesday, January 18, 2023, marked stability at the same level as yesterday, at 14,400 pounds per pound without any industrial addition, which ranges from 40 to 60 pounds per gram of gold within the pound.
As for the gold prices The beginning of today’s dealings in Egypt, recording remarkable stability at 1800 pounds per gram of 21 karat, which is the best-selling in Egypt, and 21 karat is the main component of the gold pound in Egypt, meaning that the gold pound consists of 8 grams of 21 karat.
Global gold prices
Gold fell for the second consecutive session globally in today’s dealings with the rise of the dollar, while investors are still seeking signals of the path to raise the interest rate of the US Federal Reserve, according to the Gold Billion report, and gold fell today by 0.5% to $ 1908 an ounce, after closing On Monday, gold is down after reaching its highest level since April 2022.
The Gold Billion report to monitor gold movement said that the dollar index, which measures the performance of the dollar against a basket of 6 major currencies, rose by 0.2%, which made gold more expensive for buyers outside the United States of America, and US bond yields also rose, to put more negative pressure on the dollar. gold.
In the near term, a possible rate hike by the US Federal Reserve remains negative pressure on gold, but any indication by FOMC officials of a slower rate hike path or an end to the hikes will have the potential to support gold prices again.
We expect gold to reach record highs above $2000 this year when the Fed is forced to slow and eventually halt its rate increases.
Meanwhile, gold Bullion expected markets to see an increasingly smaller 25 basis point increase after data showed core consumer prices fell in December for the first time in two and a half years, and with interest rates falling to lower returns on interest-bearing assets such as government bonds, Investors may prefer gold without a yield, and given gold’s move in recent weeks, a correction all the way down to $1852 will not change the overall bullish technical picture.
Gold price in Egypt
Gold prices did not move much during trading today, Wednesday, after losing 35 pounds at the beginning of the week, so that 21 karat gold prices settled at 1800 pounds per gram, amid gold losing its gains globally, and the gold market in Egypt is still awaiting exchange rate movements, which remained quiet during quiet trading also around levels 29.60 pounds to the dollar.
