Gold prices stabilized in morning trading today, Monday, after a significant rise yesterday by about 70 pounds, to record prices of 1730 pounds per gram of 21 karat, which is the best-selling in Egypt without adding workmanship, with the continued high demand for gold in the Egyptian market.
Gold prices today:
18 karat recorded 1483 pounds.
21 karat recorded 1730 pounds.
And 24 karat recorded 1977 pounds.
And the gold pound is 13,840 pounds.
Globally, gold prices recorded their biggest one-day gains in more than two years, breaching the round figure of $1,800, as US Federal Reserve Chairman Jerome Powell’s comments on Wednesday hinted at a less aggressive path to raise interest rates in the central bank’s fight against inflation.
OANDA chief market analyst Edward Moya said financial markets had to increase expectations of a rate hike by the US Federal Reserve after wages rose in November.
“However, gold has seen a slight uptick since early November, and a major pullback does not seem warranted as the economy slows and inflation should decline steadily here,” he added.
It justifies a temporary pause in raising interest rates by the US Federal Reserve after the first quarter.