Saturday, February 25, 2023 03:41 PM
communication gold prices It fell in Egypt today, Saturday, to record a gram of 21 carat gold, which is the best-selling in Egypt, 1680 pounds in today’s trading, without adding workmanship or any fees.
Gold prices today
18 karat recorded 1440 pounds.
21 karat, a record of 1680 pounds.
24 caliber, 1920 pounds.
The gold pound is 13440 pounds.
Gold prices decreased by 6.1% during February 2023, down by $117
The global gold markets witnessed an exciting week in the march of the precious metal, in which the decline dominated commodity prices in general, after the US dollar returned to control the course of affairs with the support of the Federal Reserve and strong inflation data, according to a report. gold BullionThe global price of an ounce of gold decreased during the week ending yesterday, Friday, by 1.6%, to close at the level of $1810.77 an ounce, after it recorded the lowest level at $1808.85 an ounce, recording a decrease for the second week in a row, while at the level of February to this day, gold lost $117 from Its value decreased by 6.1%.
On the other hand, the US dollar witnessed a significant rise in the markets, recording 5 consecutive weeks of rise, according to the dollar index, which measures the performance of the federal currency against a basket of 6 major currencies, as the dollar index rose during the past week by 1.2%.
The Federal Reserve indicated in the minutes of its meeting last Wednesday, which discusses the details of its last meeting in early February, which saw interest rates raised by 25 basis points to the range between 4.5% – 4.75%, that the bank continues to confront inflation until reaching the target at 2%, by means of Continue to raise interest rates.
Some of the Bank’s members demanded an interest rate hike of 50 basis points, but the majority of the Bank’s members agreed to reduce the rate of interest increase in order to confirm the results of the violent hike operations that began since last year, in addition to giving an opportunity for economic data to express the status of inflation and the real economy.
The economic data holds an unpleasant surprise for gold
A number of economic data were released from the United States of America during the past week, the most prominent of which was the growth data for the US economy during the fourth quarter of last year, as the gross domestic product index witnessed a growth of 2.7%, less than the initial estimate of 2.9%.
While the personal consumption expenditures index during the fourth quarter increased by 3.7%, higher than the previous estimate of 3.2%.
As for the personal consumption expenditures index for January, which is the Fed’s favorite measure of inflation, it increased by 0.6% from a previous increase of 0.2% in December, and the annual index, which measures inflation in the 12 months to January 2023, increased by 5.4% from 5.3%.
The sharp recovery in consumer spending in January comes amid strong growth in income and thus in spending rates, which puts positive pressure on inflation levels, and may force the Federal Reserve to change its outlook during its next meeting in March.
In light of this recovery in inflation levels, gold was affected negatively due to the strong expectations of raising US interest rates and the strength of the US dollar, which is forcing gold to decline since it is a dollar-priced commodity.
Gold lost all the gains it recorded during the month of January, and approached the level of $1,800 an ounce, which some believe might halt the downward movement somewhat, prompting a re-evaluation of the precious metal’s conditions by investors.