Price per gram of gold

Books – Islam Saeed

Wednesday, April 26, 2023 04:57 PM

witnessed Gold prices today In Egypt, in evening trading today, Wednesday, a noticeable increase of about 50 pounds, while the fluctuation still dominates the movement of the gold price in the global stock exchange, so that the ounce returns to the level of 2004 dollars, and the price of a gram of 21 carat gold is 2550 pounds per gram.

Gold prices today:

24 karat records 2914 pounds.

21 karat records 2550 pounds.

18 karat records 2186 pounds.

The gold pound is 20,400 pounds.

Gold ounce 2004 dollars.

The technical report of Gold Billion said that volatility dominates the performance of the markets gold Amid failed attempts since the beginning of the week to return to trading above $2000 an ounce, this comes in light of the markets seeking more clarity about the future of US monetary policy amid anticipation of the economic data that will be issued this week.

Gold prices are trading today, Wednesday, in a narrow range, as spot gold prices move at the time of writing the report at the level of $1999.60 an ounce, recording an increase of 0.1%. This comes after gold rose yesterday by 0.4%.

Gold trading was confined this week below the psychological level of $2,000 an ounce, in the absence of statements by the Federal Reserve members after the start of the media blackout for the bank this week before its upcoming meeting next week.

Data released on Tuesday indicated that consumer confidence in the United States fell to a nine-month low in April amid mounting fears about the future, raising the risk of the economy falling into recession this year.

This data caused an increase in the demand for a safe haven yesterday, to witness the rise of both gold and the US dollar at the same time, especially since the index data coincided with the issuance of the results of the profits of the American First Republic Bank, which has been affected since the banking crisis last March, to show the bank’s lists a decrease in deposits by 100%. billion dollars, which brought tension back to the markets over the banking crisis.

The situation quickly reflected on the US stock markets, as the index declined S&P500 The broader index increased by 1.6% during yesterday’s trading, and recorded its lowest level in two weeks, as the Dow Jones Industrial Average fell by 1%.

The fears that hit the financial markets yesterday were not enough to push gold to trade again above the $2000 level, with gold markets awaiting the most important economic data this week represented in the US gross domestic product for the first quarter, and the personal consumption expenditures index, which is the preferred inflation indicator. to the Federal Bank.

These indicators will help to better predict the decisions of the Federal Reserve during its meeting next week, and provide a better view of the future of interest rates and monetary policy, which is what gold needs during this period to determine its direction in the short to medium term.

The Fed’s interest rate watch tool indicates an 80% probability that the bank will raise interest rates by 25 basis points at the May meeting next week, as the probability decreased from 90% during the beginning of this week, after lower-than-expected consumer confidence data along with tensions Related to First Republic Bank.

It is worth noting that the possibilities that were referring to another interest rate hike in the next June meeting have disappeared from the markets, and in return, there are expectations indicating the possibility of cutting interest rates by September, which is the expectations that none of the Fed’s members referred to in their previous statements.