Gold bullion price

Books – Islam Saeed

Saturday, 08 April 2023 11:23 AM

witness Gold price in Egypt A decline of about 60 pounds over the course of a week, since the opening of trading on Saturday, April 1, until today, Saturday, April 8, as the price of a gram of 21 carat gold fell from 2220 pounds per gram to 2160 pounds per gram in today’s dealings, with the calm of violent speculation on gold in the markets.

Gold prices today:

21 karat records 2160 pounds.

18 karat records 1851 pounds.

24 karat records 2469 pounds.

The gold pound is 17,280 pounds.

Gold ounce 2006 dollars.

Flows of gold ETFs turned positive for the first time in 10 months over the past two weeks, as a report on flows into investment funds revealed that long positions increased by 82.8 thousand lots (a standard contract), the largest increase in two weeks since June 2019..

The data indicated that the purchase contracts, despite their rise, are still far from the top of the purchase contracts, which indicates that there is enough space for more purchases on gold contracts with investment funds, according to the data. gold Bullion

World Gold Council

The World Gold Council announced that global gold reserves increased by 52 tons last February, to record an increase for the 11th month in a row. This comes after purchases of 74 tons of gold last January, while the year 2022 witnessed a record level of gold purchases by central banks by 1136. tons.

Since the beginning of the year until today, central banks’ net purchases of gold amounted to 125 tons, and the largest buyer in February was the People’s Bank of China with 25 tons, which is the fourth monthly increase for China. The Turkish Central Bank also bought 22 tons in February, for the 15th consecutive month, as Turkey is the largest buyer of gold during the past year.

Islam Saeed Books

Friday, 07 April 2023 01:29 PM

We publish the latest update on gold bullion prices today, Friday, after all gold bullets fell 40 pounds, and 24 karat, which is the main component of gold bars in Egypt, recorded 2469 pounds, with continued fluctuation in the global price of the precious metal, and an ounce recorded 2006 dollars.

Gold prices today:

21 karat records 2160 pounds.

18 karat records 1851 pounds.

24 karat records 2469 pounds.

The gold pound is 17,280 pounds.

Gold ounce 2006 dollars.

Gold bullion prices today, Friday

The price of a gold ingot weighing 2.5 grams recorded 6172 pounds per gram, and the price of a gold ingot weighing 5 grams reached 12245 pounds, and the price of a gold ingot weighing 10 grams reached 24690 pounds, and the price of a gold ingot weighing 20 grams reached 49380 pounds, and the price of an ounce of gold weighing 31.1 grams reached 76785 pounds. These prices do not include workmanship and tax.

Spot gold prices closed yesterday, Thursday, down by 0.6%, to close at the level of $2007.86 an ounce, to record the lowest level at $2000.89 an ounce.

On the weekly level, we find that gold is on its way to record an increase of about 2%, after recording the highest level in a year at the level of $2032.11 an ounce.

The current gold prices are in overbought areas, but the precious metal is witnessing great support in the markets that may prevent it from entering a strong negative correction, which was evident from closing the week’s trading above the psychological level of $2000 an ounce.

Gold found sufficient support from the weak economic data released by the US economy this week, which showed a slowdown in the employment sector and available job opportunities, in addition to a deepening contraction in the US industrial sector and a slowdown in the services sector.

These negative data about the United States increased expectations that the US Federal Reserve will not resort to raising interest rates during its next meeting in May, and that the cycle of raising interest rates is close to ending, which negatively affected the yield levels on US government bonds and the performance of the dollar. American, but on the other hand, gold made significant gains.

The Fed’s Monitor Tool showed that the odds of a 25 basis point rate hike and the odds of a rate hike at the Fed’s May meeting are now equal at 50:50%.

Despite this, we find continued calls by members of the Federal Reserve Bank to raise interest rates to confront inflation. Yesterday, a member of the US Federal Reserve in St. Louis, James Bullard, stated that the US Federal Reserve needs to continue monetary tightening in order to reach inflation rates to 2%.

Pollard also indicated that the current financial pressures are weak in light of the stability of the banking sector, in addition to the credit tightening by banks that will help stabilize inflation in the future.

Bullard’s comments come after other statements from Cleveland Fed member Loretta Mester that the US Federal Reserve needs to raise interest rates above 5% and stabilize for a period of time to control inflation.

The International Monetary Fund announced its expectations for global economic growth, which is on its way to decline to 3% in 2023 and to continue around these levels during the next 5 years, which is the lowest growth forecast since 1990.

According to these expectations, gold will witness sufficient support in the medium to long term, due to the fact that gold is a safe haven in times of economic slowdown because it is a store of value.

Islam Saeed Books

Wed, 05 Apr 2023 10:03 AM

We publish the latest update on gold prices today, Wednesday, after a move of about 10 pounds, and it records 21 karat, which is the best-selling in Egypt, from 2200 pounds, with continued fluctuation in the global price of the precious metal, and an ounce records 1983 pounds.

Gold prices today:

21 karat records 2200 pounds.

18 karat records 1886 pounds.

24 karat records 2514 pounds.

The gold pound is 17,600 pounds.

An ounce of gold is 2023 dollars.

Gold prices in the global stock exchange

Global gold prices witnessed a slight decline during trading today, Tuesday, after rising yesterday and recording the highest level in a week. This comes with increasing expectations of the possibility of more economic turmoil this year amid a slowdown in the industrial sector in the United States and high fuel costs, according to Gold Billion.

Spot gold prices decreased during trading on Tuesday by 0.1%, to trade at the time of writing the Gold Billion report at the level of $1982.90 an ounce, after prices rose and recorded the highest level in a week at $1990.40 an ounce, to approach the psychological level of $2000 an ounce.

Gold trading was confined during the previous six sessions above the support level of $1950 an ounce and below the level of $1990 an ounce, which is a momentum gathering area for the precious metal, as expectations tend that gold is preparing to re-penetrate the $2000 level and reach the highest level it recorded last March at $2009.69 an ounce, which is highest in a year.

Gold prices are trading today 6% higher than the same time last month, which indicates the ability of gold to maintain its gains that it recorded last month, and despite yesterday’s decision by OPEC + to reduce production and expectations of raising inflation, gold remained stable in a way big.

Yesterday, data was released on the Industrial Supply Institute index for the month of March, which measures the performance of the US industrial sector, and the index showed the lowest level since May 2020, to continue the contraction in the sector for six consecutive months with a decrease in new orders, which is expected to decrease further due to the tightening of credit conditions after the crisis. recent banking.

Manufacturing data also in the Eurozone, UK and Japan showed that activity in the world’s largest economies remained contracting through March. This along with a weaker-than-expected manufacturing reading from China heightened concerns of weaker global economic growth in the coming months.

This made gold return to recovery as it is the first safe haven in global markets, and was able to rise yesterday by 0.7% despite news of OPEC + sudden reduction in its production quotas by 1.1 million barrels per day, which increases expectations of an increase in inflation rates. As a result of the increase in fuel prices.

Yesterday’s data on OPEC production cuts and US manufacturing weakness changed expectations again about the future of interest rates, with markets seeing a 55.1% chance of a quarter point hike in May, but the possibility of a rate cut later this year also rose.

Yields on US government bonds declined yesterday, which reflects negative expectations for the future of interest rates, which is largely positive for gold, which is associated with an inverse relationship with yields on US bonds.

The yield on the 10-year note fell yesterday by 3.1%, to its lowest level in a week at 3.40%, while the yield on the two-year note, which is more sensitive to the future of interest, fell by 3.3% and recorded the lowest level in a week at 3.9660%.

The US dollar was negatively affected by the decline in the yield on government bonds as a result of weak manufacturing sector data. The dollar index, which measures its performance against a basket of 6 major currencies, fell today by 0.2% and hit its lowest level in 14 months at 101.44. This comes after a significant drop yesterday by 0.8%.

Islam Saeed Books

Tuesday, 04 April 2023 09:51 AM

Gold prices today:

21 karat records 2140 pounds.

18 karat records 1834 pounds.

24 karat records 2446 pounds.

The gold pound is 17,120 pounds.

An ounce of gold is 1983 dollars.

Gold market developments until yesterday

Calm returned to the local gold markets yesterday, Monday, after an exciting start to the week and recording historical levels in gold prices, to witness slight declines in prices and stability in trading today, in conjunction with a decline in the prices of an ounce globally, according to the gold market analysis report in Egypt issued by Gold Billion.

The calm in the gold markets comes in light of the decline in tensions since the Central Bank of Egypt raised interest rates by 200 basis points last Thursday, and the exchange rate of the pound did not move as expected by many in the markets, as the exchange rate of the dollar against the pound stabilized at the level of 30.95 pounds per dollar, below It changed about a month ago, which somewhat reduced the momentum of gold’s rise, after expectations of a new decline in the pound’s levels.

On the other hand, the National Bank of Egypt and Banque Misr offered two new savings certificates after the decision to raise interest by the Central Bank of Egypt, as the return on the first certificate reached 19% with a fixed return spent monthly, and the return on the second certificate decreased by 22%, and the two certificates have a maturity of 3 years.

After the recent central bank’s decision on overnight deposits, interest rates reached 18.25%, lending increased by 19.25%, while the main interest rate reached 18.75%. This is the highest level since July 2017.

The main reason behind this is due to the fact that gold plays a major role in the markets now, as it is a hedge against inflation, which exceeded 30% levels during February, and is also a safe haven against fears of a change in the exchange rate, which would push inflation to rise again, and thus the effect of The transfer of cash liquidity to savings certificates remains weak on investing in gold.

18 karat records 1723 pounds.

24 karat records 2297 pounds.

The gold pound is 16080 pounds.

An ounce of gold is 1969 dollars.

The dollar index, which measures the performance of the federal currency against a basket of 6 major currencies, is trading today near the lowest level it recorded yesterday at 102.89, its lowest level in five weeks. This comes in light of the negative pressure on the US dollar before the US Federal Reserve meeting that starts today and for two days.

Investors are looking forward to the Fed’s monetary policy meeting as expectations grow that the Fed will slow its tightening given the turmoil in the banking sector. Markets are pricing in a 26.9% chance that the Fed will stop raising rates at its meeting with a 73.1% forecast for a 25bp hike.

Scenarios for the Federal Reserve decision and its impact on gold

As for the scenarios for the Federal Reserve’s decisions that will be announced tomorrow, in the event that interest rates are fixed, we will witness the return of gold above the level of $2000 an ounce, but in order for gold to stabilize above this level, we need to know the bank’s vision for the future of interest in the short to medium term.

Also, gold will need to be the Federal President Jerome Powell’s speech after the meeting tends to support economic growth and deteriorating conditions in the banking sector at the expense of inflation, and in this case we will see new highs in gold and record historical levels.

As for the other scenario, which is the closest to happening according to the market expectations that we referred to, in which the bank will resort to raising interest rates by 25 basis points, but it may indicate a temporary halt in the interest rate hike cycle to give the markets an opportunity to absorb the successive rate hike decisions since last year.

In this case, we may witness stability in gold prices near its current levels, especially since this scenario is priced so far in the financial markets, but the dollar’s movements will also have a significant impact on gold.

Gold is considered a safe haven in times of financial uncertainty that we are currently going through, and low interest rates make investing in non-returnable gold more attractive by reducing the opportunity cost of holding it.

Monday witnessed volatile dealings in the gold markets. Gold prices initially fell by about 1%, but then reversed course to jump to their highest levels since March 2022 at $2,009.69, after investors absorbed the impact of the measures taken by several central banks to contain the banking crisis and stabilize the economy. global financial markets.