Gold prices stabilized in the Egyptian market, today, Monday, at the beginning of the week’s trading, as a gram of gold of the main caliber 21 records regarding 1835 pounds per gram, while the international price of gold witnesses levels of 1920 dollars.
Gold prices today:
18 karat recorded 1573 pounds.
21 karat, 1835 pounds.
24 karat, a record of 2097 pounds.
The gold pound is 14,680 pounds.
Global gold prices
Global gold prices recorded their highest level in eight months, as gold prices recorded an increase of 1.22% to 1920, and the precious metal continues to trade above the support level of 1900 USD, and prices remain in their upward trajectory with the continued decline in inflation in the largest economy in the world.
The Gold Billion report attributed the rise in global gold prices to the decline in inflation in the United States of America in 2022, which declined, as the Consumer Price Index (CPI) recorded its largest monthly decline since the beginning of the Corona virus pandemic, as the Consumer Price Index, which measures the cost of goods and services, decreased. , by 0.1% for the month, in line with analyst estimates, and this equates to the largest decline on a monthly basis since April 2020.
Markets are watching the Fed’s moves closely as officials grapple with inflation, which is at its highest peak in 41 years, supported by supply chain problems, the war in Ukraine and trillions in fiscal and monetary stimulus that have contributed to higher prices.
And gold Bullion indicated, that the calm in inflation that opens the door to expectations of interest cuts, and then gold was affected and got more support and its prices rose to these levels.
And Susan Collins, President of the Federal Reserve Bank in Boston, confirmed that she tends to raise interest rates by a quarter of a percentage point at the next policy meeting of the central bank, but the global gold market achieved these price hikes.
Gold prices have witnessed a noticeable increase since the beginning of 2023 locally and globally, in light of the current economic and geopolitical conditions, where gold is considered a safe haven for investors and a good hedge tool, and the gold market was also affected by issuing a certificate with a return of 25%.
And central banks bought gold in record quantities in the third quarter of 2022, and the performance of gold in 2022 came as follows globally, achieving losses estimated at 0.3%, despite the losses, but now that gold globally was able in the last three months of trading to swallow the losses of 5 full months from last year and Domestically, it achieved gains of 108% in 2022
It is expected that the US Federal Reserve will continue its tightening policy by raising interest rates, which is the only obstacle for gold to achieve gains and benefit from the current conditions, but for how long will it continue to raise interest rates! And when it will reach the target of inflation, then the performance of gold will be somewhat dependent on the US Federal Reserve’s move in the coming period. We would have witnessed weakness in the performance of gold and we might have found lower prices if there were no geopolitical developments.
