The Gold Division announced the stability of gold prices today, to record 21 karat gold, which is the best seller in Egypt, at levels of 1005 pounds per gram, with the continued record of the global price of gold at the level of 1827 dollars in conjunction with the weekend and the suspension of trading on gold globally.
The Division added, that agold price today 18 karat records 862 pounds, 21 karat records 1005 pounds, 24 karat records 1147 pounds, the gold pound 8038 pounds, and an ounce of gold 1827 dollars.
The current period in the markets is witnessing a state of turmoil and sound expectations are difficult in light of the tense geopolitical conditions and the exacerbation of the economic crisis. With the decline in the global stock markets and the digital currency market, we were supposed to find a high price for gold, but raising US interest rates and tight monetary policy, banks were the safe haven for investors.
A report by the Futures and Contracts Trading Authority indicated that there is a decline in buying positions from major gold speculators, and Gold Billion expects that gold prices in Egypt may witness slight declines in the event of raising interest and confirms that interest constitutes a difference in gold prices, but international prices remain It is the primary responsible and influencing prices in the local market in addition to supply and demand.
The expectations of Gold Billion indicate that gold prices will continue to rise from and around the current prices of 1005 pounds, and that each drop is a good opportunity to buy at a better price, to target 1015 pounds as a target. It is likely that we will witness higher prices than our target, but the level of 1015 pounds is an important station for gold prices locally.
Gold markets in a week
Gold prices witnessed stability in the local markets, while the ounce in the global stock market fell by 0.9% this week, to record the second weekly decline in a row, as the demand for gold was affected by fears of possible central banks raising interest rates to counter inflation.
Saeed Imbabi, CEO of “Ai Goldsmiths” for trading gold and jewelry online, said that the ounce opened the week’s trading at the level of 1841 dollars, and concluded trading at the level of 1825 dollars, supported by a slight increase at the end of trading last Friday, by 0.1%, following In the middle of the week’s trading, it touched the lowest level at $1816, due to the dollar’s decline by more than 0.2%.
He pointed out that gold prices in the local markets witnessed stability throughout the week, as the gram of 21 carat gold opened the week’s trading last Monday at 1005 pounds, and concluded transactions on Saturday evening at 1006 pounds.
He pointed out that the local gold markets witnessed stability following the decision of the Monetary Policy Committee of the Central Bank last Thursday, to fix the interest rates on deposit and overnight lending at 11.25%, 12.25% and 11.75%, respectively.
Imbabi expected a recovery in the sales movement in the actual markets, with the merchants preparing for the engagement and wedding season, with the start of the school vacation season and the arrival of Egyptians working abroad, and the blessed Eid al-Adha holidays.
In a related context, the activities of the Egyptian Jewelers’ Forum, organized by “i Jewelers” on the role of digital transformation and financial inclusion in the development of the gold and jewelry sector, were concluded, and “i Jewelers” announced its future plan to hold a large exhibition for the public during the coming period.
In another context, the United States and the Group of Seven announced today a ban on the import of newly mined Russian gold, as part of new sanctions once morest Moscow in response to the military operation in Ukraine.
Russia produces regarding 10 percent of the world’s mined gold each year, and its gold holdings have tripled since it annexed Crimea in 2014.
