Islam Saeed wrote Friday, August 11, 2023 01:52 PM We publish gold prices In Egypt, today, Friday, the 21 carat – which is the best-selling in Egypt – reached 2180 pounds per gram in morning transactions, amid very limited circulation in the market. gold market In Egypt, with an increase in the supply of gold, due to allowing the entry of gold from abroad without customs.
Gold prices in Egypt today:
21 karat records 2180 pounds.
18 karat records 1869 pounds.
24 karat records 2491 pounds.
The gold pound is 17440 pounds.
Global gold prices
Gold prices on the global stock market are trying to rise today from their lowest levels in a month. This comes after a significant decline during yesterday’s session in gold prices due to expectations of an increase in US inflation in July, before the release of inflation data later in today’s session.
Spot gold prices are trading at the level of $1919 an ounce, up by 0.3% since the beginning of today’s session. This comes after it fell yesterday by 0.5%, to record the lowest level in a month at $1914 an ounce.
Gold prices have witnessed a decline since recording the highest historical level in May 2023 by more than 7%, after changing market expectations regarding the continuation of the monetary tightening policy by the Federal Reserve and the continuation of raising interest rates, which negatively affects gold trading.
The markets are witnessing an aversion to risk, which caused a decline in US stock indices. On the other hand, we find a rise in dollar levels and an increasing demand for US government bonds, which puts strong pressure on gold.
US bonds and gold
And the 10-year US bonds settled above the level of 4% to remain near their highest levels in 2023, which reflects investors’ adherence to the idea of continued tightening of monetary policy and the possibility of a new interest rate hike by the Federal Reserve. Despite this, the possibilities in the US interest futures markets indicate To an expectation of 86.5% that interest rates will be fixed by the US Federal Reserve at its next meeting in September.
The increasing demand for US bonds reflects negatively on the gold markets because of the opportunity cost since gold is an asset that does not provide a return compared to bonds that offer a return that increases with the increase in interest.
2023-08-11 10:52:00
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