witness gold prices In Egypt today, Saturday, levels of 1800 pounds per gram of 21 carat, which is the main caliber in Egypt, were recorded. The price of an ounce of gold on the global stock market reached $1866, which is an upward trend for gold in the markets.
Gold prices today:
18 karat recorded 1543 pounds.
21 karat recorded 1800 pounds.
24 karat, a record of 2057 pounds.
The gold pound is 14,400 pounds.
Gold performance in 2023
and expectgold Bullionto be performing gold In 2023, it is much better than 2022 due to increased demand from central banks, and potential ongoing geopolitical tensions. There are 4 factors that make 2023 the year of gold, perhaps the most prominent of which is the tendency of central banks to buy gold, the limited supply of gold from new mines, interest rates, and the weakness of the dollar.
The report touched on the four reasons that support gold in 2023, including that central banks around the world, especially in China, Turkey and India, are buying gold at a record pace, and this trend has continued for the past 13 years in a row, but its pace has accelerated recently. According to the World Gold Council, gold demand from central banks to date is 673 tons, surpassing all annual totals since 1967!
According to a report issued by World Gold CouncilCentral bank purchases are largely driven by flight towards safer assets due to rising inflation in November, as the People’s Bank of China announced that it had bought 32 tons of gold at a price of about $ 1,650 an ounce, and this trend is expected to continue in 2023, which may contribute in the rise in gold prices.
The Gold Billion report added that the limited supply of gold from new mines supports the rise in prices, as gold mining represents about 75% of the annual supply of gold, so the availability of gold depends to a large extent on mining production. Stagnant in recent years, it appears to have peaked in 2018, and according to the World Gold Council, total gold supply increased slightly (by 1% year-on-year) to 1,215 tons as of the third quarter of 2022.
explained gold Bullion, that the Federal Reserve’s tendency to raise interest rates at the fastest pace in history during 2022, to record interest 4.5%, and this hike is expected to continue until late 2023, as interest rates are considered one of the main factors that can affect the demand for gold, as it can Affect gold’s attractiveness as a store of value or as an inflation hedge. When interest rates are low, investors are more likely to buy gold as a safe-haven asset, which could drive its price up.
Regarding the fourth factor that supports gold, it is the weakness of the dollar, as gold prices and the value of the US dollar tend to move in opposite directions. to a rise in gold prices.