Gold prices rose in Egypt today, Wednesday, by 5 pounds, as the gram of 21-carat gold, which is the best-selling gold in Egypt, rose to its highest level, recording 875 pounds per gram, against the backdrop of the rise of gold ounces globally to $ 1960.
Gold prices today:
Caliber 18: 745.70 pounds.
Caliber 21: 875 pounds.
Caliber 24: 1000 pounds.
Gold Pound: 7000 pounds.
World price: $ 1960.
Globally gold witnessed a downward trend with the dollar for a short period and investors sold the yellow metal to take profits after a record rise, while some caution prevails with attention turned to the Federal Reserve (US Central Bank) meeting, which is widely expected to enhance its soft monetary policy.
And the spot gold fell 0.4 percent to $ 1951.24 an ounce by 0601 GMT. Prices hit an all-time high of $ 1980.57 on Tuesday. US gold futures rose 0.1 percent to $ 1947.40.
“As we move closer to the Fed announcement … the market anxiety will increase slightly,” said Elia Spivac, an analyst at Daily Fix, gold.
There was little change in the dollar index, which settled at 93.668, after touching its lowest levels since June 2018 this week. A weak dollar, which is also a safe haven, reduces the cost of gold to holders of other currencies.
Corona virus cases continued to rise in the United States and reached more than 16.6 million worldwide.
The US central bank will publish the rate decision at 1800 GMT, and it is widely expected to keep it unchanged, and a press conference will be followed by Jerome Powell, the council president.
Gold tends to rise when interest rates are low, which reduces the opportunity cost of possession of the non-yielding metal. Gold is considered a hedge against inflation and currency depreciation with the central bank pumping the stimulus.
For other precious metals, silver fell 1.7 percent to $ 24.16 an ounce, platinum fell 1.3 percent to $ 936.09 and palladium fell 0.6 percent to $ 2,229.22.