Despite the weekend and the suspension of trading on goldToday, gold prices witnessed a remarkable decline for the fourth time in a row in Egypt by about 15 pounds, and 21 karat gold, which is the most traded in Egypt, reached 1080 pounds per gram at the time of drafting these lines, and the total decline in gold prices today reached 40 pounds.
Gold prices today:
21 caliber records 1080 pounds
Carat 18 recorded 926 pounds
24 caliber record 1234 pounds
The gold pound is 8880 pounds
The total decline in gold prices in Egypt became approximately 140 pounds during this week, after prices recorded high levels and were measured this month, after the rise of the dollar in the parallel market, but discipline returned to prices in part, with the dollar falling approximately 17 piasters this week, after instructions were issued to return to documents Collection instead of documentary credits.
Global gold prices
The global price of the yellow metal closed with a noticeable decline this week, bringing an ounce of gold to its lowest level since February 4, 2022, due to the strength of the dollar and the rise in US bond yields, which put pressure on gold and caused an ounce of gold to fall to 1811 dollars.
Gold was affected this week after factors, most notably the reinforcement of arguments about the fastest series of raising interest rates since at least the 1990s to combat inflation, and although gold is considered a safe haven from inflation, the rise in US interest rates increases the opportunity cost of holding bullion, while boosting The dollar, the currency in which gold is priced.