A recent technical report of the “iSagha” platform, which specializes in trading gold and jewelry, revealed that gold prices increased by 5% during the week’s trading that ended yesterday evening, Saturday.
The report indicated that gold prices in the local markets rose by 110 pounds during last week’s trading, as a gram of 21 carat gold opened trading last Monday at the level of 2165 pounds, while the same caliber touched the level of 2320 pounds, and closed the transactions yesterday evening, Saturday, at the level of 2275 pounds. This is in parallel with the decline of an ounce on the global stock exchange by $4, as the week’s trading opened at the $2008 level, touched the $2048 level, then fell to the $1995 level, and closed last Friday’s trading at the $2004 level.
The report revealed that the ounce fell on the global stock exchange by 0.2% at the end of the week’s trading, in addition to the rise in the dollar index, after increasing expectations that the US Federal Reserve will raise interest rates by about 25 points during the next May 2 meeting.
As for the price of a gram of 24 karat gold, it recorded about 2600 pounds, while 18 karat gold amounted to about 1950 pounds, and a gram of 14 karat gold recorded about 1517 pounds, while the price of the gold pound stabilized at a range of 18200 pounds.
gold prices
And about gold prices today, Sunday, April 16 in Egypt, they came as follows:
– The price of 24 karat gold today, at 2588 pounds.
21 karat gold price
The price of 21 karat gold today is at 2265 pounds.
18 karat gold price
The price of 18 karat gold today is at 1942 pounds.
The price of the gold pound
The price of the gold pound today is at 18,120 pounds.
gold
The report pointed out that the local market witnessed successive increases affected by the global markets, after the US inflation data was released last Wednesday, which came less than expected, so that an ounce after the data came out exceeded the level of 2040 dollars, followed by the price of a gram of 21 carat gold at the level of 2320 pounds, It increased by about 80 pounds during Wednesday and Thursday trading only, bringing it to the highest price in the history of gold trading in Egypt.
And the “i Sagha” report continued that the global markets witnessed a wave of sharp decline during last Friday’s trading, as the ounce fell by about $36, while transactions opened at the level of $2008, rose to the level of $2048, touched the $1995 level, and closed the transactions at the $2004 level. .
While gold prices fell only by about 20 pounds in the local markets during Friday trading, as a gram of 21 carat gold opened trading at 2285 pounds, and closed trading at 2265 pounds.
Thus, gold prices in the local market remained near the level of 2275 pounds, under the illusions of supply and demand, and the local price agrees with the international price in terms of increases, and contradicts it in decreases.
The platform’s report noted that the local market is witnessing a high demand for bullion and gins in light of the growing desire to save and hedge among citizens, with the decline of the pound against the dollar, but the price movement does not correspond with the price movement on the global stock exchange, nor with supply and demand, as some take advantage of the uncertainty and lack of Certainty, as a justification for raising prices to historical levels, to achieve imaginary profits.
Also read..
Gold Billion: 3.2% increase in gold prices in Egypt since the beginning of April 2023
2594 pounds… a historic jump in the price of gold, at the beginning of trading on Sunday, April 16th
Gold prices in Egypt today.. Sunday 4-16-2023
