2023-07-23 10:30:00
Islam Saeed wrote Sunday, July 23, 2023 01:30 PM
We publish the latest update on the price of gold in Egypt today, Sunday, following remarkable stability for the second week in a row, and gold recorded 2165 pounds per gram of 21 karat, which is the best-selling in Egypt, as demand for gold witnesses remarkable stability as well as calmness in the exchange rate, which is reflected in price stability throughout this week’s trading.
Gold prices in Egypt today:
21 karat records 2165 pounds.
18 karat records 1851.5 pounds.
24 karat records 2468.5 pounds.
The gold pound is 17,280 pounds.
US unemployment data and its impact on gold
Last week, the US Department of Labor announced that weekly jobless claims decreased by 9000 to 228k compared to last week’s reading of 237k, while expectations were of 239k.
The decline in the number of those claiming unemployment benefits reflects the continued cohesion of the employment sector in the United States, which is the sector on which the Federal Reserve relies in its assessment of the state of the American economy, and thus this data caused increased pressure on gold sales in order to take profits, to widen losses near the levels of 1960 dollars an ounce.
The current decline in gold prices is a negative correction and profit-taking sales, following the significant rise recorded by the precious metal at the beginning of the week, and its highest level in 9 weeks at $1987 an ounce.
On the other hand, the US dollar rebounded significantly and recorded an increase for the fourth consecutive session, according to the dollar index, which measures its performance once morest a basket of 6 major currencies. The index rose today by 0.3%, on its way to record a rise this week by 1.2%.
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