Gold prices declined today in Egypt during the trading of Saturday, April 30, 2022, marginally, despite the rise in the precious metal in global markets.
Gold prices in Egypt vary in different regions and calibers, where the value of workmanship (the merchant’s wages for each gram in gold works) ranges between 30 and 60 pounds in the goldsmiths’ areas, while it rises from that for some traders to range between 120 and 150 pounds.
And the price of a gram of 24-carat gold today in Egypt, during morning trading, scored regarding 1128 pounds ($61.02).
The price of a gram of 21 karat gold today in Egypt fell to regarding 987.03 pounds ($53.39), according to what was reported by the “Gold Prices Today” website.
The price of a gram of 18 karat gold today in Egypt has also fallen to regarding 846.02 pounds ($45.77).
Regarding economic gold prices, at the beginning of today’s trading in Egypt, the price of a gram of 14 karat gold recorded regarding 658 pounds ($ 35.59), and the price of a gram of 12 karat gold reached regarding 564 pounds ($ 30.51), while the price of a gram of 9 karat gold decreased to regarding 423 pounds ( $22.88).
And the price of an ounce of gold today in Egypt, during early trading, fell to the level of 35081 pounds (1898 dollars).
And the price of the gold pound today in Egypt (8 grams of 21 karat), it recorded regarding 7896 pounds.
Globally, gold prices rose when settling Friday’s trading session, but recorded the first monthly loss since last January, with investors evaluating economic data and expectations of a US interest rate hike.
The US Census Bureau data revealed that the personal consumption expenditures index, the Fed’s preferred measure of inflation, during the twelve months ending in March rose 6.6%, the highest level since January 1982, compared to an increase of 6.3% in the previous February.
Investors are turning their attention to the Federal Reserve’s meeting next week, amid expectations that the US interest rate will be raised by 50 basis points to control inflationary pressures.
Those expectations were reinforced by the rise in US Treasury bond yields, as the two-year bond yield reached 2.70%, while the 10-year bond yield recorded 2.89% during trading.
The price of gold futures contracts for June delivery rose 1.1%, or $20.40, to reach $1,911.70 an ounce upon settlement.
In the total trading of the past week, the yellow metal futures fell 1.2%, and it also lost regarding 2.2% in the total trading of this April.
Meanwhile, the dollar index, which monitors the performance of the US currency once morest a basket of six major currencies, fell 0.7% at 102.905 points at 8:45 pm Mecca time.
