Today’s gold is 21 karat

Books – Islam Saeed

Sunday, December 3, 2023 03:00 AM

Central banks around the world continue to demand… gold During the year 2023, according to the World Gold Council’s reports on gold trends during the third quarter of the current year 2023, which showed an increase in demand for gold by banks.

Central banks added 337 tons in the third quarter of 2023

-The third largest purchasing level during a quarter achieved by central banks

-The highest banks’ purchases of gold were in the third quarter of 2022, at 459 tons.

Since the beginning of 2023, demand from central banks has increased by more than 14%.

Total bank purchases of gold have reached a record level of 800 tons of gold since the beginning of 2023

Gold reserves announced by global central banks rose by a net 77 tons of gold during the month of September

Central bank sales of gold recorded only 1 ton.

– Financial flows continue to flow out of gold investment funds during the month of October, amounting to $2 billion

Since the beginning of the year, the funds’ holdings of investments have decreased by 6%.

– Total cash outflows from global gold-backed investment funds have reached $13 billion since the beginning of the year

Islam Saeed wrote

Monday, November 27, 2023 01:33 PM

Price of an ounce of gold

Gold prices jumped to their highest levels in 6 months at the beginning of the week’s trading, in light of the continued weakness of the US dollar, and increasing expectations that the Federal Reserve has finished raising interest rates, especially with weak data continuing to be issued on the US economy.

Spot gold prices rose during Monday’s session by 0.6% to record the highest level in 6 months at $2018 per ounce. At the time of writing the Gold Billion technical report, it was trading at $2014 per ounce. Today’s session had opened at $2002 per ounce.

Gold recorded an increase during the past two weeks and tried more than once to rise above the level of $2000 per ounce and stabilize above it, but it failed in doing so, and with the price of gold closing above the level of $2000 last Friday, it gained enough momentum to rise sharply during today’s session, penetrating the level of $2010 per ounce and approaching. From the $2020 level, which if breached opens the door to the $2050 level per ounce.

The US dollar, on the other hand, fell today by 0.3% according to the dollar index, recording the lowest level in 4 sessions and trading near the lowest level in 3 months that it recorded last week.

The dollar has declined against currencies over the past two weeks due to weak US inflation data and a slowdown in the employment sector, which led markets to expect the end of the cycle of raising interest rates by the US Federal Reserve, and the beginning of expectations of lowering interest rates during the first half of next year.

Market expectations for US interest futures contracts indicate a probability close to 100% that the Federal Reserve will hold interest rates during the next December meeting, and another 60% probability that interest rates will fall by a quarter of a degree Celsius during the bank’s meeting in May 2024.

Islam Saeed wrote

Wednesday, November 22, 2023 09:33 AM

Gold consolidation in the global stock market

The holdings of the SPDR Gold Trust, the largest gold-backed exchange-traded fund in the world, rose by 1.49% to 883.43 tons last Friday, bringing the total investments in the fund to $54.8 billion. Thus, the fund’s performance since the beginning of the year until now has increased by 8.3%. .

Islam Saeed wrote

Monday, November 20, 2023 01:30 PM

We publish prices gold In Egypt today, Monday, the beginning of the week’s trading, a gram of 21 carat gold, which is the main caliber in Egypt, recorded 2735 pounds per gram at the beginning of trading after trading in gold stopped yesterday.

Gold prices today:

24 karat records 3126 pounds.

21 caliber costs 2735 pounds.

18 karat weighs 2344 pounds.

The gold pound is 21,880 pounds.

Global gold

to open gold Trading this week was declining with the taste of stability, as spot gold prices fell today by 0.1% to trade at the time of writing the Gold Billion technical report at the level of $1977 per ounce, despite the dollar continuing to expand its losses against currencies in light of changing market expectations regarding the future of interest rates from Before the Federal Reserve.

The developments in the gold market come after the metal recorded its highest level in two weeks at $1,993 per ounce during the past week, which recorded an increase in gold prices by 2.2 percent.%.

Gold is currently maintaining the gains it recorded over the past week in light of its failure to benefit from the current decline in the levels of the US dollar. This is due to gold’s need for more stimulus so that it can penetrate the level of $2000 per ounce and trade stably above it..

Stimulus may come in the form of further weak data from the US economy, or a rise in demand for gold as a safe haven again due to geopolitical tensions or concerns about the high amount of debt in the United States of America..

Islam Saeed wrote

Sunday, November 19, 2023 09:00 PM

Gold prices today

24 karat records 3120 pounds

21 caliber records 2720 pounds

18 karat weighs 2340 pounds

The gold pound is 21,840 pounds

Demand for gold globally

Millions of people in India celebrate the five-day Diwali festival, which is an important event for the global gold market. India is one of the world’s largest gold consumers and the precious metal is often given as a gift during the celebrations.

The decline in gold prices at the beginning of the month helped to increase the demand for gold in India in preparation for the celebrations, which led the markets to expect a strong impact of this celebration on the demand for gold.

Expectations indicate that gold sales in India during the festival period will rise by 20% to 22%, which will lead to an increase in demand for gold by 25% to 30% compared to last year.

Strong physical demand in India and other emerging markets is expected to provide strong support for gold to maintain prices at appropriate levels until the end of the year. Especially since after the Diwali festival comes the wedding season in India, which also witnesses an increasing demand for gold.

It is worth noting that until the week ending last October 27, the demand for gold by gold-backed investment funds in the Asian region, including India, decreased by 1.6 tons.

But gold investment funds in the European region added 33.3 tons of gold to support the overall demand for gold by global investment funds, making the net demand positive by 28.2 tons.