2023-04-21 06:35:00
gold jewelry (iStock)
Egypt’s economy
The General Division of Gold describes the recent increases as unjustified
Despite the cautious calm that dominated the exchange market, gold continued its gains in the Egyptian market, to record its highest level ever.
For the first time in Egypt, a gram of 21 carat gold, which is the most traded in the Egyptian market, recorded a level of 2440 pounds. The price of an 18-carat gram rose to 2091 pounds. And the price of 24 carat gold jumped, to record 2790 pounds. The price of the gold pound also jumped to the level of 19,520 pounds.
During the last period, and with the successive jumps in gold prices, the General Division for Gold and Jewelry of the General Federation of Chambers of Commerce in Egypt revealed unjustified increases in prices in the local markets. And it considered that the recent increases are not justified, given the stability of the exchange rate and the relative stability in the movement of domestic demand compared to the size of the current supply.
The division advised consumers to be careful in the buying movement until prices stabilize in the markets and are commensurate with the global price and local market variables, and not to consider the current increase as an indication of a future increase in prices that may push some to increase their purchases of gold.
Globally, gold prices stabilized above the $2,000 level, with the dollar and treasury bond yields declining after weak US data indicated the economic effects of the cycle of raising interest rates, which reinforces expectations that the Federal Reserve will stop raising them soon.
The spot gold price rose 0.6% to $2004.59 an ounce, after falling to a two-week low of $1969.1 in the last session. US gold futures rose 0.4% to 2016 dollars.
At the same time, fluctuation continues to dominate the movements of global gold markets for the fourth consecutive session, in the absence of important economic data, in addition to statements by members of the Federal Reserve Bank that refocused on inflation rates and the importance of the Fed continuing to fight it, which reduced the chances of gold gains. According to Gold Bellion.
And last Wednesday, gold prices fell and broke the support level at $1980 an ounce, to record its lowest level in two weeks, which encouraged market participants to return to buying, taking advantage of the decline in prices to reduce its losses, but closed below the level of $2000 an ounce.
In the currency market, the US dollar index, which measures the performance of the US currency against a basket of 6 major currencies, declined by 0.2%, after the index rose in trading on Wednesday and recorded the highest level this week, but trimmed its gains at the close.
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