The price of gold fell, in global markets, by regarding 1.6 percent during the week’s trading, to record $ 1644, its lowest level since April 2020, affected by the rise of the dollar and the rise in US Treasury bond yields, in addition to the US Federal Reserve’s adoption of a more stringent policy to reduce inflation rates.
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The price of gold during the beginning of trading today, Sunday
The price of 24 karat gold, buying 1.285, selling 1.291 pounds.
The price of 22 carat gold, buying 1.178, selling 1.184 pounds.
The price of 21 karat gold, buying 1.124, selling 1.130 pounds.
The price of 18 karat gold, buy 963, sell 969 pounds.
The price of 14 karat gold, buy 749, sell 753 pounds.
The price of 12 carat gold, buying 642, selling 646 pounds.
The gold market witnessed a state of confusion during the past few hours, specifically before the decision of the Monetary Policy Committee of the Central Bank to fix the interest rate .. the price suddenly rose and then quickly fell .. and statements were circulated regarding the existence of manipulation by some to achieve profits .. which raised questions regarding what It happens in the gold market.
On this, Amr Al-Maghraby, a member of the Gold and Jewelery Division in the Chamber of Commerce, confirmed that there is no manipulation in the gold market – as it has been reported – and that gold is a commodity like other commodities that are affected by global markets and are linked locally to the forces of supply and demand.
He said in exclusive statements to Al-Osboa that what happened last Thursday, and before the Central Bank’s decision to fix the interest rate, that the gold market witnessed a demand for purchase for fear of a liberalization of the exchange rate and an increase in the price of the dollar once morest the pound. The price of gold also rose globally following the US Federal Reserve’s decision to increase the interest rate.
Al-Maghraby added that following the decision of the Central Bank of Egypt to fix the interest rate, stability returned to the market and the price of a gram of 21 carat decreased from 1165 pounds to 1145 pounds.
On the role of the division, Amr al-Maghraby said that the division does not set prices, and its work is voluntary and to serve the members, and it has no authority to set prices.
On the other hand, Saeed Imbabi, CEO of the “i-Sagha” platform for trading gold and jewelry online, had said in his statements that there is a case of unjustified manipulation of gold prices in the local market, with the aim of achieving strong profits from some major traders, which harms the interests of gold shops. Gold and citizens.
He pointed out that some traders over the past days have exploited the rumor of the pound’s decline once morest the dollar, raising interest rates, and the pretext of supply and demand to evaluate the price of an ounce on the global stock exchange on the dollar’s exchange rate more than the one traded on the black market, as it approached regarding 25 pounds.
