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Egypt experiences a considerable surge in gold prices

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The price of gold in Egypt rose tonight, Thursday, after the decision of the Central Bank of Egypt by about 25 pounds per gram of 21 carats, after the decision to raise interest rates by 2%.

The price of a gram of 21 carat gold was about £2,165 per gram, the price of a gram of 24 carat gold was £2,474 per gram, and the price of a gram of 18 carat gold was £1,856 per gram.

The price of a pound of gold weighing 8 grams of 21 carats today has reached 17,320 pounds, without the addition of workmanship or minting.

The Central Bank of Egypt raised the interest rate on deposits and overnight loans, as well as the main operating rate of the central bank by 200 basis points, in line with Egyptian market expectations, to 18.25%, 19.25% and 18.75% respectively.

The Central Bank of Egypt also decided to raise lending and discount rates by 200 basis points to 18.75%.

The Gold Billion report, released today on gold prices in Egypt and worldwide, says that the price of gold in spot contracts traded at $1968.00 an ounce earlier in the day before hitting the current level of $1971. it recorded a slight gain of 0.2% after a negative start to the trading session. Today, volatility prevailed in movements in the gold markets.

And influenced the movement of the world price of gold during today’s trading on Thursday, the continuation of US regulators to repeat that the US banking system is stable, and that the crisis witnessed by the collapse of the Silicon Valley bank was caused by poor risk management. and high risk, especially in light of the absence of negative developments in the banking sector in the past two weeks, which slowly returned risk appetite to the markets, robbed gold of some of its attractiveness as a safe haven.

The global price of gold was also affected by the movement of the US dollar, on the other hand, which showed a decline during today’s session, as the dollar index, which measures the behavior of the federal currency against a basket of 6 major currencies, fell by 0.3%, trading near the lowest level per week.

U.S. government bond yields have played a role in gold’s move as they are indicative of fluctuations, according to a Gold Billion report. while the two-year bond yield recorded its highest level in a week at 4.140%.

Source: Cairo 24

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