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Gold Prices in Egypt Fall Despite Global Rise – September 11, 2023 Update

Monday 11/September/2023 – 06:44 PM

Gold prices in Egypt fell this evening, Monday, September 11, 2023, by about 10 pounds, according to the prices of the Gold Division of the Federation of Chambers of Commerce, in light of the anticipation of the movement of the exchange rate and the level of demand for the precious metal in Egypt.

Gold prices fell in Egypt despite the global price of an ounce rising to its highest level in 3 months, with an ounce recording $1,923 in spot contracts.

Gold prices today in Egypt

Price of a gram of 24 karat gold

The price of 24 karat gold was about 2,505 pounds.

Price of a gram of 21 carat gold

The price of a gram of 21 carat gold was about 2,190 pounds.

18 karat gold price

The price of 18 karat gold was about 1886 pounds.

The price of the gold pound in Egypt

The price of the gold pound was about 17,536 pounds.

Gold price globally

The global price of an ounce was $1,923.

The latest reports indicated that China is continuing to buy gold, and that the Chinese Central Bank has added more of the precious metal to its foreign reserves for the tenth month in a row. To increase 29 tons of gold in the month of August.

Thus, the Chinese Central Bank’s purchases of gold since the beginning of 2023 rose to 155 tons, and last month’s data was the largest purchase made by the Chinese central bank since December of last year.

Expectations indicate that China will continue its gold purchases as it strengthens the credibility of its currency, the yuan, internationally and increases its competitiveness with the US dollar as the world’s reserve currency. Of course, we will not witness a weakening of the dollar’s ​​role as the world’s first reserve currency in the near term, but the continuation of these movements may produce results in the long term.

Although China continues to purchase gold, this is not yet sufficient to support gold prices, but it has greatly succeeded in achieving great flexibility for the price of gold and helped it absorb many shocks, such as record rises in US government bond yields.

2023-09-11 15:45:05
#Gold #prices #fell #pounds #Egypt #Monday #evening

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