The seventh day published around the clock a number of important news, perhaps the most prominent of which is the significant decline in the price of gold by 2.8%, with the strength of the US dollar, which affected the precious metal, and in the context of the following lines we monitor the most important economic news.
high oil
The Organization of Petroleum Exporting Countries (OPEC) said today, Wednesday, that the price of its basket of crudes rose by a dollar and 42 cents, to settle at 127.93 dollars a barrel in trading on Tuesday, after the price was 126.51 dollars the previous day.
The organization’s bulletin stated that the annual average price of the basket for the past year was 69.89 dollars per barrel.
The (OPEC +) alliance, in its 26th ministerial meeting, on the second of this month, confirmed the current fundamentals of the oil market and unanimously agreed on its expectations, which indicate that the market is well balanced and that the current fluctuations do not result from changes in the market fundamentals of supply and demand, but due to geopolitical developments. current.
gold is going down
Gold lost its luster during trading, today, Wednesday, in global markets, to lose an ounce of more than $52 and fall below the two thousand dollars barrier, affected by the shift in investors’ attention to stock markets, while most experts see it as a “temporary decline”, and that prices will rise again strongly in the coming sessions. Especially with the continuing tensions over the repercussions of the Russian military operation in Ukraine.
Gold futures prices fell by $52.7 by 2.58 percent, recording the level of $190.6 an ounce, after touching the level of $2075 in the previous session, which was the highest ever.
Gulf Stock Exchanges
The Gulf stock exchanges declined, during today’s trading session, with the exception of the rise of the Kuwait Stock Exchange indices, and the general index of the Abu Dhabi Stock Exchange, by 2.153%, losing 209.56 points, to close at 9522.74 points.
The general index of the Saudi stock market “TASI”, at the close of today’s trading session, decreased by 0.88%, losing 112.63 points, to close at the level of 12,738.59 points, while the parallel market index – growth increased by 1.03%, winning 253.43 points, to close at the level of 24796.19 points, and the trading volume reached 229.5 million shares, worth 9.9 billion riyals.
Minister of Industry: Egypt is able to overcome the repercussions of the Russian-Ukrainian crisis
Nevin Gamea, Minister of Industry, said that there is complete coordination with the concerned authorities to provide all the offered commodities, adding that the Cairo International Fair has been opened, which includes all Egyptian products, and there is a hall dedicated to food products and commodities.
She added in a press conference at the Cabinet headquarters that there is a daily report on goods and their average prices that is submitted to the Prime Minister for follow-up, stressing that Egypt is able to overcome the repercussions resulting from the Russian-Ukrainian crisis, valuing the role of the private sector in this crisis.
19 billion pounds in support for the Takaful and Karama Program
The monetary support for the Takaful and Karama and Social Security Pension Programs contributed to reducing poverty rates in Egypt for the first time in 19/2020 to 29.7%.
The Ministry of Planning and Economic Development stated in a previous report that the monetary support for the Takaful and Karama and Social Security pension programs has grown to 19 billion pounds. , and initiatives.
The Ministry of Planning and Economic Development confirmed that, with the continued effectiveness of the protection and social welfare programs, it is targeted to continue decreasing the poverty rate during 21/2022.
The Ministry of Planning and Economic Development announced the allocation of 283.4 billion pounds of support for social protection and welfare programs, in the draft general budget for the year 21/2022, compared to actual allocations of 200 billion pounds in the year 19/2020, an increase of 41.5%.
Gold lost its luster during trading, today, Wednesday, in global markets, to lose an ounce of more than $52 and fall below the two thousand dollars barrier, affected by the shift in investors’ attention to stock markets, while most experts see it as a “temporary decline”, and that prices will rise again strongly in the coming sessions. Especially with the continuing tensions over the repercussions of the Russian military operation in Ukraine.
Gold futures prices fell by $52.7 by 2.58 percent, recording the level of $190.6 an ounce, after touching the level of $2075 in the previous session, which was the highest ever.