Today, Tuesday, the second day of Eid Al-Fitr for 2022, gold prices witnessed a decline in gold prices in the Egyptian market, bringing prices down from the record levels that were recorded yesterday at 1160 pounds, to fall to 1140 pounds per gram of 21 karat, which is the best seller in Egypt, despite the decline in the global price of the yellow metal to levels 1857 dollars an ounce.
Gold prices today
Carat 18 recorded 977 pounds per gram
21 karat records 1140 pounds per gram
24 carat recorded 1303 pounds per gram
The gold pound is 9120 pounds
Globally, gold prices fell as rising US Treasury yields pressured gold demand, ahead of a key meeting of the US Federal Reserve later this week, when the central bank is expected to raise interest rates.
The Federal Open Market Committee of the Federal Reserve is expected to start its two-day meeting on interest rates on the third of this month and announce its decision the next day.
It appears that Fed policy makers are ready to announce a series of aggressive rate hikes until at least the summer to counter rapid inflation and rising labor costs.
The benchmark US 10-year Treasury yields rose today, putting pressure on gold demand.
Gold prices rose 1 percent on Friday after the decline in the US dollar, but ended the month of April slightly lower due to bets on the US central bank to tighten its policy.