Strong blow to gold in Egypt
The price of gold in Egypt continued to decline in the jewelers’ market as international banks sold gold to cover local budget shortfalls and after other banks stopped contracted volumes of gold.
The price of a gram of 21 carat gold in Egypt fell by about 10 pounds tonight on Thursday, continuing its downward streak to its lowest level since December last year, according to Amir Rizk, a member of the Federation of Chambers of Commerce’s Gold Department. of Commerce, which recommended that the current time be the most appropriate time for individuals to purchase gold.
The price of a gram of 21 carat gold today was 1685 pounds, while the price of a gram of 24 carat gold today was 1926 pounds, and the price of a gram of 18 carat gold today was 1444 pounds, and the price of a pound of gold is fixed at 13480 pounds.
And the global price of gold rose $4 to $1,848 an ounce after the dollar index fell 0.4% from hitting a six-week high yesterday, Wednesday, making dollar-denominated gold less expensive. for overseas buyers, and standard 10-year Treasury yields hit their highest level since Jan. 3.
Economic analysis reports released today Thursday on global gold prices say that gold is trading under pressure and there are bullish catalysts that could play a role at some point. The dollar has been gaining strength against other currencies, but for As a result, the purchasing power of the dollar continues to decline. With higher levels of inflation, public debt continues to rise and the United States has reached its debt ceiling, which means the government will have to raise the debt ceiling. this means that the United States will raise its national debt to a higher level.
Another factor putting pressure on gold is recent data indicating that the Federal Reserve may revise its current target rate from 5.1% to around 6% in order to accelerate the process of lowering inflation.
Source: Cairo 24