Gold price in Egypt today

Written by Islam Saeed Monday, March 4, 2024 01:33 PM It is back gold prices To rise again in Egypt with the rise in demand for the precious metal following major declines in the markets during the past days due to the decline of the black market dollar, and it recorded Gram of 21 carat gold It is the best seller in Egypt for 2800 pounds.

Gold prices today:

24 karat records 3189 pounds.

21 carat costs 2800 pounds.

18 karat carat costs 2391 pounds.

The gold pound is 22,320 pounds.

Gold globally

I opened gold prices Global trading this week is on the rise, trading near the highest level in more than two months, after the large gains achieved by gold at the end of last week due to weak American data that increased expectations of the Federal Reserve starting to reduce interest rates next June.

Record price per ounce Global gold Today’s increase by 0.2% to record the highest level in 9 weeks at $2088 per ounce, after opening today’s session at $2082 per ounce. At the time of writing the technical report, Gold Bellion was trading at the level of $2085 per ounce.

This comes after a significant rise last week of 2.3%, during which it was able to breach the important resistance level of $2050 per ounce, bringing gold to its target of $2080 and surpassing it to close at $2082 per ounce.

The weak data released by the US economy last week was the main reason behind… Gold prices rise In this sharp manner, industrial sector performance data was released, which showed an expansion of the contraction in the US industrial sector during the month of February, in addition to a decline in consumer confidence about the future of the economy.

2024-03-04 11:33:00
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Written by Islam Saeed Sunday, March 3, 2024 04:08 PM Shahid Today’s gold market in Egypt The decline continues, due to the decline of the black market dollar to levels less than 40 pounds, which caused gold to fall today in Egypt now, so that 21 carat gold, which is the best-selling gold in Egypt, is trading at 2,700 pounds per gram without manufacturing.

Gold prices today:

24 karat records 3086 pounds.

21 caliber costs 2700 pounds.

18 karat weighs 2314 pounds.

The gold pound is 21,600 pounds.

An ounce of gold is $1966.

Falling black market dollar reflects on gold

The gold market dollar witnessed a decline to levels of 46 pounds for the first time in more than 4 months due to the fall in the price of the dollar on the black market to below 40 pounds today, Sunday.

What is meant by the gold dollar is the dollar based on which the price of gold in Egypt is calculated, meaning that the price of gold is calculated on the price of a dollar linked to the movement of the black market dollar, and the gold market dollar is higher than the black market price.

The dollar in the gold market is now calculated at 46 pounds, meaning that gold in Egypt is now priced according to a dollar calculated at 46 pounds, and this is an indication that the dollar is moving in a range much lower than that on the black market.

The developments of the decline in the price of the dollar in the parallel market came after the Egyptian government announced that Egypt had received another $5 billion from the first installment of the investment partnership deal with the United Arab Emirates, regarding the project to develop the city of “Ras El Hekma” on the northwestern coast of Egypt. Thus, the first installment has been completed. Actually completed.

2024-03-03 14:08:00
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Islam Saeed wrote Tuesday, February 20, 2024 09:23 AM We publish Gold price in Egypt Today, Tuesday, February 20, 2024, it recorded 3,585 pounds per gram of 21 carat, which is the best-selling item in Egypt, with the decline in demand for gold in the markets, as well as a limited decline in the price of an ounce of gold globally.

Gold prices today:

24 karat records 4097 pounds.

21 caliber records 3585 pounds.

18 karat record costs 3073 pounds.

14 gauge costs 2390 pounds.

The gold pound is 28,680 pounds.

Growth of gold purchases in Egypt

Gold purchases in Egypt have grown significantly over the past five years, as gold purchases of coins and gold bullion jumped starting in the year 2022. Before this date, jewelry dominated the gold market in Egypt and achieved the largest percentage of sales, representing approximately 85 percent of Egyptians’ gold purchases, but With the investment trend in gold, the compass for buying gold has shifted towards bullion and currencies, starting in 2022.

The volume of demand for gold in the Egyptian market recorded rates of increase in gold prices in the markets from 2019 to 2023, with the acceleration of the growth of gold movement in the Egyptian markets.

The report stated that during the year 2019, the total purchases of gold in Egypt amounted to 29.1 tons, including purchases of gold bullion and coins by 2.5 tons and purchases of gold jewelry by 26.7 tons. The local gold price achieved a 6% increase by 38 pounds per gram of 21 carat, and the international price of an ounce achieved an increase of 18.3%. To earn $235 per ounce

The report added that in 2020, the total purchases of gold in Egypt amounted to 23.5 tons, purchases of gold bullion and coins amounted to 2.2 tons, purchases of gold jewelry amounted to 21.3 tons, and the price of local gold achieved a 22% increase, amounting to 147 pounds per gram of 21 carat, and the international ounce achieved an increase of 25%, earning $381. per ounce

Regarding the performance of gold during the year 2021, the total purchases of gold in Egypt amounted to 34.1 tons, including purchases of gold bullion and coins 2.4 tons, and purchases of gold jewelry recorded 31.7 tons. The local gold price decreased by 3.5%, by 29 pounds per gram of 21 carat, and the global price of an ounce achieved a decrease of 3.7%. To lose $70 per ounce.

During the year 2022, the total purchases of gold in Egypt amounted to: 51.5 tons, including purchases of gold bullion and coins: 19.2 tons, and purchases of gold jewelry: 32.3 tons. The price of local gold achieved a 107% increase, amounting to 851 pounds per gram of 21 carat. This is the beginning of the currency crisis in Egypt, which caused jumps. Great for gold throughout 2022, as the global price of an ounce declined by 0.3%, losing $5 per ounce.

By the end of 2023, the total number of gold purchases in Egypt reached: 57 tons, including purchases of gold bullion and coins: 30.3 tons, and purchases of gold jewelry amounted to 26.7 tons. The local gold price rose by 87.6%, by 1,480 pounds per gram of 21 carat, and the international price of an ounce rose by 13% to gain $239. per ounce.

The report stated that Egyptians’ purchases of gold bullion and coins began to achieve significant jumps starting in 2024 due to the dollar crisis and the decline in the value of the pound, and the demand for gold jewelry gradually declined when compared to pre-crisis levels, which represented the largest portion of the volume of demand in the gold market in Egypt.

2024-02-20 07:23:00
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Books – Islam Saeed Saturday, February 10, 2024 01:19 PM

She finished an ounce gold Global trading declined last week in light of the rise in dollar levels and US government bond yields, as expectations continued to grow that the US Federal Reserve is on its way to postponing the decision to cut interest rates. On the other hand, gold is receiving support from the rise in demand for actual gold.

During the past week, the price of spot gold decreased by 0.8% to close the week’s trading at the level of $2024 per ounce. It had recorded the lowest level at $2014 per ounce. Thus, the price of gold has decreased since the beginning of the year by 1.9%, which represents a weak start to this year.

Gold Billion’s analysis reveals that the main reasons behind the decline in the global price of gold this week were the statements of members of the US Federal Reserve, all of which were in favor of postponing the decision to reduce interest and maintain current rates for a longer period of time until ensuring a sustainable decline in inflation rates, which ensures reaching the inflation target. The bank eventually settled at 2%.

This supported the US dollar, which rose last week by 0.1% according to the dollar index, but at the beginning of last week it recorded its highest levels in 3 months, while 10-year US government bond yields rose last week by 3.8% to record the highest level in 3 weeks at 4.195%.

Important economic data was absent from the markets during the past week, but statements by Federal Reserve members made up for this absence, and negative pressure remained on gold as the dollar maintained the gains it achieved from the strength of the US jobs report that was issued the previous week, and statements by Federal Reserve Chairman Jerome Powell that the bank will remain cautious in… Considering any monetary easing this year, the flexibility of the US economy gives it more room to keep interest rates high for longer.

In contrast, when looking at gold prices We find that it did not succumb to a significant decline, but rather moved in a fluctuating and occasional trend that tended to decline, and in the end it stabilized within the trading range that has controlled its movements for nearly 4 weeks.

The reason for this is that gold found support from the demand for safe havens in the financial markets due to the continuing geopolitical tensions in the Middle East region after the Zionist entity rejected truce and ceasefire initiatives.

In addition to this, concerns about the American banking sector have re-emerged in light of some pressures in American regional banks, as Moody’s downgraded the rating of New York Community Bank due to pressure on the bank’s financing operations and cash liquidity.

As for actual demand, physical gold dealers in India imposed bonuses this week for the first time in four months. They were encouraged by higher purchases as local prices declined, while the Lunar New Year festival boosted gold purchases in China and elsewhere.

The high demand has prompted traders in India to impose price increases of up to $2 per ounce, higher than the official local prices. While in China, the world’s largest gold consumer, prices increased by between $36 and $48 per ounce above official prices before the week-long Lunar New Year holiday.

Ahead of the Chinese New Year, China saw high demand for gold, with withdrawals from the Shanghai Gold Exchange in January reaching their highest level since July 2015, and the second highest level ever.

China is witnessing a decline in major stock indices due to the sharp decline in stock markets and the real estate sector, which has led to the country’s benchmark CSI 300 stock index falling by more than 30% since the beginning of the year, erasing a market value of $6 trillion from its peak. In 2021.

This led to the transfer of huge investments from the stock markets to the actual gold market with the aim of hedging against the unstable conditions in China, especially with the fact that taking money and investments out of China and transferring them to another place has become more difficult than it was a few years ago, so this leads to an increase in the attractiveness. Gold as a safe haven and store of value in China’s times of uncertainty.

On the other hand, the Chinese Central Bank slowed its purchases of gold during the month of January, which is the fifteenth month in a row in which China has increased its official gold reserves, and despite the slowdown, it remains on its way to surpassing the last wave of gold purchases in nearly eight years.

The Chinese central bank bought 10 tons of gold last January, as the total gold holdings in China now stand at 2,245 tons, about 300 tons higher than at the end of October 2022.

These factors helped stabilize gold prices and created a solid ground under gold trading that helped it not be violently affected by the recent rise in US dollar levels due to diminishing expectations of a US interest rate cut soon. However, next week will witness the release of inflation data from the United States, which will have a major impact on movements. Both the dollar and gold.

2024-02-10 11:19:00
#Gold #prices #fall #weeks #trading #global #stock #market #Youm7