The price of gold on the global stock exchange fell below $1900 per ounce, to record an ounce of gold at $1896, with the US Federal Reserve announcing the interest rate hike next May, at the same time the gold price in the Egyptian market consolidated at 1110 pounds per gram of 21 karat.
Gold prices today:
18 caliber record 950 pounds.
21 caliber record 1110 pounds.
24 carat record 1270 pounds.
The gold pound is 8810 pounds.
What is the expected direction of gold? The prices of the yellow metal witnessed a noticeable rise in the local market during the trading last week, where gold was able once again to record a new historical price (1115 EGP), with a slight difference from the previous peak of 1095 pounds, according to Gold Billion, and this rise came due to the rise of the dollar against the pound As well as the high demand for the metal in the local market, which made gold in Egypt ignore the decline in the price of an ounce globally.
Despite the decline in the price of gold on the global stock market, the local market was completely different because of what we emphasized earlier, and it seems that what we are witnessing in the current period of unusual developments, whether on the geopolitical, political or economic side, is a real test for investors in general and in particular for investors in precious metal.
The most important question now remains… Will gold continue to rise and record new historical figures in the local market? Will the scenario of ignoring the price of an ounce globally continue in terms of direction? This is what we will discuss in detail in our article, and Gold Billion believes that gold prices at the moment tend to continue rising in the local market and that every drop is a good opportunity to buy at a better price.
Although the drop in the price of an ounce globally has an impact on gold prices in Egypt, the impact of the dollar remains stronger, even if it is a slight movement, so the price of gold remains coherent, and we witness an increase sometimes even with the decline in the price of gold globally.