Gold price forecast

We publish the latest update on the price of gold today in the Egyptian market, amid momentary changes in the price of gold, and an ounce of 21-karat gold, which is Egypt’s top seller, is now trading at £1800 at the time of writing this lines, and in the context of the following lines we monitor the latest developments in the prices of the precious metal.

Gold prices fell globally by almost 1% last week after Jerome Powell, chairman of the Federal Reserve, said that next year we will see more interest rate hikes. It was recorded Tuesday ei US gold futures fell 0.9% to $1,802.10.

Jerome Powell, chairman of the Federal Reserve, said on Wednesday that the US central bank will adopt further interest rate hikes next year, even as the US economy is sliding towards a possible recession.

Gold is known as an inflation hedge, but high interest rates tend to weaken its attractiveness because the opportunity cost of holding non-returnable metal increases, and the dollar index is up 0.1% and an increase of the dollar makes gold more expensive for foreign buyers.

In other precious metals, silver fell 2.7% to $23.24 an ounce, platinum fell 1.1% to $1017.25, while palladium fell 0 .7% to $1903.18.

Gold prices today

18 karat registered 1607 pounds.

21 carats, a record 1875 pounds.

And 24 carats registered 2143 pounds.

The gold pound is £15,000.

Gold prices globally fell nearly 1% yesterday, Thursday (Dec. 15), after Jerome Powell, chairman of the Federal Reserve, said that next year will witness more interest rate hikes. $1,802.10.

Jerome Powell, head of the Federal Reserve, said on Wednesday that the US central bank would adopt further interest rate hikes next year, even as the US economy is sliding towards a possible recession, and justified it with the fact that the economy will incur a higher price if the central bank does not severely curb inflation.

Gold is known as an inflation hedge, but high interest rates tend to weaken its attractiveness because the opportunity cost of holding non-returnable metal increases, and the dollar index is up 0.1% and an increase of the dollar makes gold more expensive for foreign buyers.

In other precious metals, silver fell 2.7% to $23.24 an ounce, platinum fell 1.1% to $1017.25, while palladium fell 0 .7% to $1903.18.