witness gold prices In Egypt, levels of 1800 pounds per gram of 21 carats were recorded today Saturday, which is the main caliber in Egypt. The price of one ounce of gold on the global stock market reached $1866, which is a trend up for gold in the markets.
Gold prices today:
18 carats registered 1543 pounds.
21 carat registered 1800 pounds.
24 carats, a record 2057 pounds.
The gold pound is £14,400.
Golden performance in 2023
and waitGold ingotbe performing gold In 2023, it is much better than 2022 due to increased demand from central banks and potential ongoing geopolitical tensions. There are 4 factors that make 2023 the year of gold, perhaps the most important of which is the tendency of central banks to buy gold, the limited supply of gold from new mines, interest rates and the weakness of the dollar.
The report touched on the four reasons supporting gold in 2023, including that central banks around the world, especially in China, Turkey and India, are buying gold at a record pace, and this trend has continued over the past few years. 13 consecutive years. , but its pace has accelerated recently. According to the World Gold Council, central bank demand for gold to date is 673 tons, surpassing all yearly totals since 1967!
According to a report published by World Gold CouncilCentral bank purchases are largely driven by flight to safer assets amid rising inflation in November, as the People’s Bank of China announced it bought 32 tons of gold at a price of around $1,650l ounce, and this trend is expected to continue into 2023, which could contribute to higher gold prices.
The Gold Billion report added that limited gold supply from new mines is supporting rising prices, as gold mining accounts for about 75% of the annual gold supply, so gold availability is largely dependent on measure from mineral production. In recent years, it appears to have peaked in 2018, and according to the World Gold Council, total gold supply has increased slightly (by 1% year-on-year) to 1,215 tonnes as of Q3 2022.
explained Gold ingot, that the Federal Reserve’s trend to raise interest rates at the fastest pace in history during 2022, to interest rates of 4.5%, and this increase is expected to continue through the end of 2023, as the Interest rates are considered one of the main factors affecting the demand for gold, as it can influence the attractiveness of gold as a store of value or as a hedge against inflation. When interest rates are low, investors are more likely to buy gold as a safe haven, which could drive up its price.
As for the fourth factor supporting gold, it is the weakness of the dollar, as gold prices and the value of the US dollar tend to move in opposite directions of an increase in gold prices.
