For the first time in the history of gold pricing in the Egyptian market, gold prices today rose to the level of 1292 pounds per gram, bringing a gram of gold closer to 1300 pounds for the first time in history due to supply and demand factors, as well as the price of the dollar.
Global gold prices are witnessing a level of $1,750 an ounce, with the weekly holiday for the gold stock exchange, and trading on the yellow metal has stopped globally. Despite the global trading halt, supply and demand factors still control the movement of gold.
Gold prices today:
18 karat recorded 1108 pounds.
21 karat recorded 1292 pounds.
24 karat, a record of 1476 pounds.
The gold pound is 10336 pounds.
Mamdouh Abdullah, a member of the Board of Directors of the Gold Division, said that the rise in gold prices in the Egyptian market is currently due to supply and demand factors.
Gold prices ended the week lower a day following St. Louis Fed James Bullard suggested during a presentation that the Federal Reserve’s policy reference might need to rise as much as 7%.
Gold prices fell by $8.60, or 0.5%, to close at $1,754.40 an ounce on Friday, ending the week with a loss of 0.9% following rising more than 5% last week.
Gold posted weekly losses, but still managed to hold on to most of its gains from the past two weeks, suggesting that the precious metal may have finally broken the downtrend that has affected it all year.