Islam Saeed Books
Friday, 07 April 2023 01:29 PM
We publish the latest update on gold bullion prices today, Friday, after all gold bullets fell 40 pounds, and 24 karat, which is the main component of gold bars in Egypt, recorded 2469 pounds, with continued fluctuation in the global price of the precious metal, and an ounce recorded 2006 dollars.
Gold prices today:
21 karat records 2160 pounds.
18 karat records 1851 pounds.
24 karat records 2469 pounds.
The gold pound is 17,280 pounds.
Gold ounce 2006 dollars.
Gold bullion prices today, Friday
The price of a gold ingot weighing 2.5 grams recorded 6172 pounds per gram, and the price of a gold ingot weighing 5 grams reached 12245 pounds, and the price of a gold ingot weighing 10 grams reached 24690 pounds, and the price of a gold ingot weighing 20 grams reached 49380 pounds, and the price of an ounce of gold weighing 31.1 grams reached 76785 pounds. These prices do not include workmanship and tax.
Global gold price developments
Calmness dominates the global gold market today, Friday, due to the Easter holiday that led to the closure of many global financial markets, but gold witnessed a decline before the markets closed from the highest level it recorded this week, but it is on its way to record a rise on the weekly level, according to a report. Gold Billion
Spot gold prices closed yesterday, Thursday, down by 0.6%, to close at the level of $2007.86 an ounce, to record the lowest level at $2000.89 an ounce.
On the weekly level, we find that gold is on its way to record an increase of about 2%, after recording the highest level in a year at the level of $2032.11 an ounce.
The current gold prices are in overbought areas, but the precious metal is witnessing great support in the markets that may prevent it from entering a strong negative correction, which was evident from closing the week’s trading above the psychological level of $2000 an ounce.
Gold found sufficient support from the weak economic data released by the US economy this week, which showed a slowdown in the employment sector and available job opportunities, in addition to a deepening contraction in the US industrial sector and a slowdown in the services sector.
These negative data about the United States increased expectations that the US Federal Reserve will not resort to raising interest rates during its next meeting in May, and that the cycle of raising interest rates is close to ending, which negatively affected the yield levels on US government bonds and the performance of the dollar. American, but on the other hand, gold made significant gains.
The Fed’s Monitor Tool showed that the odds of a 25 basis point rate hike and the odds of a rate hike at the Fed’s May meeting are now equal at 50:50%.
Despite this, we find continued calls by members of the Federal Reserve Bank to raise interest rates to confront inflation. Yesterday, a member of the US Federal Reserve in St. Louis, James Bullard, stated that the US Federal Reserve needs to continue monetary tightening in order to reach inflation rates to 2%.
Pollard also indicated that the current financial pressures are weak in light of the stability of the banking sector, in addition to the credit tightening by banks that will help stabilize inflation in the future.
Bullard’s comments come after other statements from Cleveland Fed member Loretta Mester that the US Federal Reserve needs to raise interest rates above 5% and stabilize for a period of time to control inflation.
The International Monetary Fund announced its expectations for global economic growth, which is on its way to decline to 3% in 2023 and to continue around these levels during the next 5 years, which is the lowest growth forecast since 1990.
According to these expectations, gold will witness sufficient support in the medium to long term, due to the fact that gold is a safe haven in times of economic slowdown because it is a store of value.
