The sudden rise in gold in Egypt
Gold prices in Egypt jumped by 30 pounds as the price of a gram of 21 carat gold, the most common in Egypt, reached 1760 pounds.
Amir Rizk, a gold expert, said that the price of a gram of 24k gold has increased by 34 pounds since the price of a gram reached 2029 pounds, while the price of 18 carat gold has increased by 30 pounds as the price per gram reached 1512 pounds. and the pound fixed 14,200 pounds of gold, gaining 360 pounds.
Globally, gold rebounded strongly, reaching a gain of $36 and locking in at $1,867.
Amir Rizk attributed the significant rise in gold prices to the US jobs report that was released today and showed an improvement in employment, indicating that the US Federal Reserve is slowing down the pace of tightening monetary policy and raising interest rates, which will stimulate investors . invest in gold and rush to buy it and increase demand for it AND stay away from investing in the dollar.
The US Federal Reserve recently raised interest rates by 50 basis points, and high interest rates are affecting gold’s attractiveness. Because it raises the opportunity cost of owning a precious metal that does not earn interest.
According to the US Department of Labor data released today, Friday, the number of new jobs in the private sector rose to 223 thousand jobs in December, while expectations indicated an increase of only 200 thousand jobs, while the US economy added 263 thousand new jobs in November 2022.
Source: Cairo 24