2023-10-05 07:27:00
We publish the price of a gram of gold in Egypt today, Thursday, which records 2,150 pounds per gram, coinciding with the continued decline of the price of gold on the global stock market for the eighth session in a row amid the rise of the dollar.
Gold prices in Egypt today:
21 caliber costs 2150 pounds.
18 karat weighs 1842 pounds.
24 karat records 2460 pounds.
The gold pound is 17,200 pounds.
Gold-backed investment funds
Gold-backed investment funds continue to suffer from the exit of investments due to the increasing demand for government bond markets, which offer record returns compared to gold, which does not provide a return to investors. The SPDR Fund, which is the largest gold-backed investment fund in the world, indicated that its total holdings decreased by 0.2% yesterday, Tuesday. The iShares investment fund, affiliated with Blackrock International, also witnessed outflows this week amounting to 13 tons of gold.
With this performance, gold-backed investment funds recorded the largest weekly decline in their holdings since last June. This negatively affects spot gold prices, especially in light of the strength of the US dollar and the rise in government bond yields.
Despite the expected negative performance of gold in the short term, the overall outlook for gold indicates that the precious metal has held up relatively well in the face of rising bond yields and the strength of the dollar, due to the support that gold received from purchases by global central banks.
Investment demand for gold remains weak during the current period, but the actual demand for gold remains a fundamental support for gold. Demand in China has risen strongly, pushing the local gold price in China to exceed the price of gold in London and New York.
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