registered Gold price in Egypt Today, Sunday, January 1, 2023, in the Egyptian market, 1675 pounds per gram, in trading on the first day of the new year.
Gold prices today in Egypt:
18 karat recorded 1436 pounds.
21 karat, a record of 1675 pounds.
24 caliber, 1914 pounds.
The gold pound is 13,400 pounds.
Global gold price forecasts 2023
Gold Bellion expected it to be trending gold prices In the long term, towards the rise in the global stock market, to exceed levels of $2,000 an ounce, for gold to re-evaluate itself in the long term better than the short term, according to global inflation rates as well as scenarios for dealing with interest.
According to a report issued by Gold Billion, gold is in an upward trend for the coming period, reaching 1850 during the first month of 2023, driven by expectations of tightening monetary policy as well as high inflation rates globally.
The report indicated that gold rose to the highest level in 5 months, as inflation data raised hopes regarding the Federal Reserve’s direction regarding slowing interest rate hikes. It will fare much better in 2022.
Regarding gold movements during 2022, Gold Billion said that gold started the year trading at levels 1825-1850 dollars and by chance they are the same levels that gold is trading on now, that is, according to these levels, gold did not lose or gain during this year if it maintains these levels.
The report stated that, over the course of 2022, gold went through several stages, the first of which was the beginning of the year until March, when gold rose and reached record levels at $2050, driven by geopolitical tensions and the Russian-Ukrainian war, as well as the violent inflationary wave that hit the world.
And the report continued that the second stage that gold went through is the stage of tightening monetary policy (from March 2022 to now) and with the rise in inflation, interest rates began to rise very dramatically, later called the interest rate marathon, as America raised interest 6 times during the year to reach 4.5%. In the largest rise in interest rates, and the rise in interest rates is one of the main reasons for the significant decline in gold, as the rise in interest rates leads to an increase in the interest rates on bonds, which is a risk-free return, and therefore the money goes to buying bonds and dollars and moving away from gold, despite From high inflation all over the world.
The report concluded that the third stage that gold went through by the end of 2022, gold prices may witness several changes with the end of an era and the beginning of a new era in gold, in order to expect the end of the interest rate marathon and the continuation of inflationary pressures, and then an increase in gold prices globally.
Gold ounce 2022
Jürg Kenner, chief investment officer at Swiss Asia Capital, believes that the price of gold may jump in 2023 to $ 4,000 an ounce, and Kenner said that increasing interest rates and fears related to recession keep market volatility, which might push the price of gold at a level between $ 2,500 and $ 4. Thousands of dollars an ounce sometime next year.
He added, in statements reported by international news agencies: There is a good chance that the gold market will witness a major movement, as the market will not witness a mere rise of regarding 10% or 20%, but it will really achieve new heights, and he expected that many economies will witness a slight recession in the first quarter of 2023, which may push Central banks to slow the pace of monetary tightening and make gold more attractive, also stressed the issue that the yellow metal is the only asset each central bank owns.
According to data from the World Gold Council, central banks bought 400 tons of gold in the third quarter of 2022, which is more than double the record purchases recorded by banks in the same period of 2018 at 241 tons.
Kenner also stressed the importance of holding gold as inflation continues to rise in many parts of the world, adding: “Gold is a very good hedge once morest inflation and during periods of stagflation and makes a great addition to a portfolio.”
