We publish the latest update in price of gold Today, Sunday 18 December 2022, in the goldsmiths’ market, where prices see a significant drop in all the bullets in circulation in Egypt, and a gram of 21-karat gold, which is the most traded on the market, registers £1730 in trading today, and these prices may undergo other changes in the next few hours.
Gold prices today in Egypt recorded £1483 for 18 carats, and 21 carat gold recorded a price of £1730 per gram, and 24 carat reached a price of £1977, and finally a pound of gold £13,840 and an ounce of gold £1,794.
Gold futures contracts rose at the close of trading on Friday, December 16, narrowing losses incurred over the past week. At the end of trading, gold futures contracts for delivery in February were up about $12.40, or 0.7%, to $1800.20 an ounce annually, posting weekly losses of about 0.6%.
“Precious metal prices rebounded mid-week on weak inflation data and hopes that the Federal Reserve will stop raising interest rates soon,” said Rob Haworth, chief investment analyst at the US Bank Wealth Management.
He added, “The Fed’s hard-line announcement late on Wednesday, December 14th put severe pressure on gold prices.”
Commerzbank expects gold to fall to around $1,750 an ounce until it is clear that the US rate-hiking cycle is over, as prices climb to $1,850 by the end of 2023.
