Al-Youm Al-Sabea TV provided coverage of gold price expectations in Egypt during the first week of January 2023, as prices fluctuated in the market during the past week and throughout the month of December 2022.
Gold prices during December 2022
Over the course of the month of December 2022, we witnessed several movements in the gold pricesAs prices reached their peak this month before returning to a decline again due to speculative factors in the gold market, and with the return of stability to the market, prices witnessed a noticeable decline, and we monitor the most prominent stations of the gold movement this month.
The price of gold in the Egyptian market increased by 10.7% during the month of December 2022, as gold prices moved from levels of 1500 pounds for 21 carat at the beginning of this month to levels of 1660 pounds now in the markets. The second of December, which brought prices to record and historical levels at 1850 pounds per gram, then the situation calmed down a bit with the cessation of speculation and the occurrence of a confinement in the parallel market for the dollar.
The gold market witnessed during December 2022 a significant decrease in the demand for traditional gold artifacts, with a noticeable increase in the demand for gold bars of different weights, as well as gold pounds, as we witnessed throughout the month waiting lists for companies producing bullion and pounds, with a large tendency for consumers to buy.
Supply and demand factors strongly controlled the movement of the precious metal in the Egyptian market throughout the month of December 2022, and things stabilized significantly in the last quarter of December, as we witnessed a return of prices to levels of 1550 pounds per gram of 21 karat, and with the increase in demand prices returned to rise again to 1660 levels. pounds.
With regard to gold prices on the global stock exchange, the price of an ounce of gold rose from levels of $1783 an ounce at the beginning of the month to $1823 an ounce, an increase of approximately 2.3%, after we witnessed several changes in prices throughout the month due to the interest rate hike in the United States of America to levels 4.5%, as well as the recent US unemployment reports and the dollar index, which were reflected in gold prices, to close the month on a noticeable rise.