Islam Saeed Books
Wednesday, February 22, 2023 10:05 AM
We publish the latest update on the price of a gram of gold today, Wednesday, February 22, 2023, with the stability of the price of a gram of 21 karat gold and all gold bullets circulating in the Egyptian market, as 21 karat reaches the level of 1685 pounds, with remarkable stability in the price of the precious metal in the markets, while operations are witnessing Buying and selling is a state of complete calm.
Gold prices today:
18 karat recorded 1444 pounds.
21 karat recorded 1685 pounds.
24 karat, a record of 1926 pounds.
The gold pound is 13,380 pounds.
Gold loses its luster and drops 115 pounds
Gold prices declined in Egypt, reaching the level of 1685 pounds per gram of 21 carat gold, following closing last week’s trading at the level of 1690 pounds per gram, at a time when the exchange rate of the pound once morest the dollar reached 30.62 pounds per dollar, and the decline in gold prices came locally due to the decline in prices on The global level and the current disappearance of the price gap of the exchange rate of the pound once morest the dollar between the rate of the central bank and the parallel market.
A technical report by Gold Billion stated that the investment certificates with a return of 25% annually and 22.5% per month contributed significantly to the withdrawal of large cash flow from the gold markets following they believed that the gold price hikes had reached the highest level now, which caused the loss of regarding 115 pounds for gold. From the level of 1800 to 1685 pounds per gram of 21 karat.
Gold Billion expects the stability of gold levels during the current period, with anticipation of a change in one of these factors, especially since the absence of violent fluctuations in the Egyptian financial and monetary markets recently has helped to stabilize gold prices, and the markets began to monitor global price movements, which began to reflect on the local price in the absence of other factors.
Trends in the global gold market
The global gold price completed its decline during yesterday’s session, Tuesday, following its stability during the past three sessions near its lowest level in 7 weeks, to return today to a decline of 0.33% compared to the opening price of the session, so that spot gold prices traded at the level of $1835.50 an ounce at the time of writing, while it may It recorded the lowest level so far at $1831.01 an ounce, according to gold Bullion.
The technical report issued by gold Bullion confirmed that the global gold markets are witnessing a reluctance to invest during the recent period, especially following the better-than-expected inflation data issued by the United States of America last week, in addition to the stability and strength of the American labor sector, which proves the feet of inflation and warns of continued tightening. cash by the Federal Reserve.
Investors preferred that gold prices remain declining since the beginning of this week, pending the issuance of the minutes of the Federal Reserve meeting, which will be issued tomorrow, Wednesday, and which discusses the reasons for raising interest rates by 25 basis points during the last bank meeting in February, bringing the interest rate to 4.50% from 4.25%.
Also, the US markets witnessed a holiday yesterday, Monday, which caused weak trading volumes in the markets, in addition to the absence of important economic data until the issuance of the minutes of the Federal Reserve meeting, regardless of the issuance of the manufacturing PMI today, which is not expected to cause major movements in the markets.
And the report continued, a new trend has recently appeared in the global markets led by many global economic analysts, demanding that the US Federal Bank not stick to the inflation target at 2%, and justifies this with the difficulty of achieving this goal in light of the changing global and logistical conditions, and the Gold Bullion report predicted that the US Federal Reserve will move at prices Interest to levels of 5.50% during the year 2023 as a minimum, and that the bank’s upcoming meetings in March, May and June may not be without interest-raising operations by 25 basis points that the bank started at its last meeting in February.
Such expectations are the first factor behind the decline in current gold prices and its targeting of $1,800 an ounce, down from the level of 1960 that it touched at the end of last January, and the second factor is the high yield on US bonds with increasing expectations of further monetary tightening by the Federal Reserve, which has not yet abandoned the idea Reaching the inflation target at 2%, which pulls the rug out from under the feet of gold since investing in US government bonds offers a return in contrast to keeping gold, which is only a store of value.
But on the other hand, there remains a support for gold prices, which is the expectation that the US economy will enter an economic recession, which is increasing with the continued monetary tightening by the Federal Reserve and the withdrawal of cash liquidity from financial markets to government bonds, which are currently a safe haven for investors.
The economic recession is good news for investing in gold, as the safe haven turns to gold during the economic recession, which keeps gold expectations in the medium to long term upward, targeting areas of $2,000 an ounce.
