The price of gold rose today in Egypt, Monday, March 21, 2022, amid the rise in the prices of the precious metal in global markets, and the rise in interest rates in Egypt.
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.
Gold price today in Egypt
And the price of a gram of 24 karat gold in Egypt, during today’s morning trading, was regarding 973.11 pounds ($61.89).
The price of a gram of 18 karat gold in Egypt, at the beginning of trading today, was regarding 729.84 pounds ($46.42).
In terms of economic gold transactions in Egypt, the average price of a gram of 14 karat gold was regarding 567.65 pounds ($ 36.10), and the price of a gram of 12 karat gold scored regarding 486.55 pounds ($ 30.94), and the price of a gram of 9 karat gold recorded regarding 364.92 pounds ($ 23.21). ).
Interest rates in Egypt
The rise in gold prices in Egypt coincides with the decision of the Central Bank of Egypt to raise interest rates this morning, Monday.
The Central Bank of Egypt said in a statement on Monday that it raised key interest rates by 100 basis points at an extraordinary meeting of the Monetary Policy Committee.
The central bank set the overnight lending rate at 10.25% and the overnight deposit rate at 9.25%, citing global inflationary pressures exacerbated by the war in Ukraine. The Monetary Policy Committee was scheduled to meet on March 24.
The price of 21 karat gold today in Egypt
And the price of a gram of 21 karat gold (the most traded in the market), in today’s trading in Egypt, reached the level of 851.49 pounds ($54.15).
And the average price of an ounce of gold today in Egypt, during early trading, was regarding 30,264 thousand pounds (1925 dollars).
While the average price of the gold pound, at the beginning of today’s trading in Egypt, was regarding 6812 pounds ($432.82).
Gold prices today globally
Globally, gold prices rose on Monday, supported by the demand for safe havens, at a time when the Ukrainian crisis showed no signs of abating, although the US Federal Reserve’s plan to implement bold measures to combat inflation limited gold’s gains.
And the price of gold in spot transactions rose 3.0% to 1927.22 dollars an ounce (an ounce) by 0528 GMT.
US gold futures fell 1.0% to $1,927.30.
“A little bit of safe-haven (heading) flows into gold today because Ukraine has officially rejected Russia’s deadline (for Mariupol),” said Matt Simpson, senior market analyst at City Index.
On Monday, Ukraine rejected Russian calls to hand over the port city of Mariupol, whose besieged residents are short of food, water and electricity while the intense fighting shows no signs of abating.
To prevent gold prices from rising further, two of the Fed’s more hawkish policymakers said on Friday that the Fed needed to take bold steps to combat inflation.
Minneapolis Federal Reserve Bank President Neil Kashkari said he wants to raise interest rates from 1.75% to 2% this year.
Usually, raising the interest rate increases the opportunity cost of holding non-returning gold.
Holdings of the world’s largest gold-backed fund, SPDR Gold Trust, rose 0.8% to 1,082.44 tons on Friday, the highest level since March.
Palladium rose 3.4% to $97.9725 an ounce. It had risen to a record $3,440.76 on March 7, driven by fears of supply disruptions from Russia, the largest producer of the precious metal.
The price of silver in immediate transactions 3.0% to $ 25.03 an ounce, while platinum increased 6.0% to $ 1028.20.
