2023-08-18 10:30:00
Islam Saeed wrote Friday, August 18, 2023 01:30 PM We publish gold pricesToday, Friday, in Egypt, as well as the latest developments gold price On the global stock exchange, 21 karat gold – which is the best selling in Egypt – recorded 2275 pounds per gram without workmanship.
Gold prices today:
24 karat records 2600 pounds.
21 karat records 2275 pounds.
18 karat records 1950 pounds.
The gold pound is 18,200 pounds.
Gold prices rose slightly on Friday, trying to recover from a five-month low, as the dollar saw some profit-taking, while concerns regarding rising US interest rates kept metals markets under pressure.
Today, the spot gold price recorded an increase of 0.2%, to trade at the level of $1891 an ounce, following gold prices fell yesterday and recorded their lowest levels in 5 months, at $1885 an ounce.
Gold is on its way to recording a decline for the fourth week in a row, as it may end this week’s trading down by 1.1%, following gold trading settled for most of the week below the level of $1900 an ounce, which increases the negative pressure on the precious metal, according to a research report.
The main reason behind the continued negative pressure on gold and the failure to achieve a real recovery is the US government bond yields, which are recording record levels, supported by economic data that increase the idea that interest rates will remain at their highest levels for a longer period of time, in addition to the minutes of the Federal Reserve meeting that was released this week. It showed the bank’s members’ inclination to continue the monetary tightening policy in light of the continued upward pressure on inflation, especially since core inflation is still far from the bank’s target of 2%.
The markets are beginning to prepare for the possibility of accepting a new decision to raise interest rates by 25 basis points during the remaining three meetings this year by the US Federal Reserve, although the market prospects increasingly indicate that the Bank’s meeting next September will not witness a decision to raise interest.
However, the fact that interest rates will remain at their highest levels for a longer period of time may reach at least the middle of next year, which greatly disturbs the gold markets, because high interest rates are considered an unattractive environment for investments for gold.
The yield on 10-year government bonds recorded yesterday its highest level since last October at 4.328%, and the yield on 30-year bonds rose to its highest level in 12 years, which increases the opportunity cost in the gold market, which does not provide a return to its holders compared to the gold market. bond.
It is worth noting that the yield on the 10-year bonds declined at the beginning of today’s session by 1.1%, which helped gold prices recover today, although the negative pressure is still present.
As for the dollar index, it is witnessing stability in today’s trading near its highest levels in two months that it recorded yesterday, but it is witnessing some fluctuation that helped gold find the opportunity to achieve a slight rise today, according to the report.
Yesterday, the dollar index fell in a negative correction, but it managed before the end of the session to witness a recovery to trim most of its losses and close at the level of 103.30, which is an important support level during the current price areas.
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