Gold prices fell today in Egypt at the beginning of trading on Tuesday, June 14, 2022, despite the rise in “precious” globally due to the decline in the dollar and bonds.
Gold prices in Egypt vary in different regions and calibers, where the value of workmanship (the merchant’s wages for each gram in gold works) ranges between 30 and 60 pounds in the goldsmiths’ areas, while it rises from that for some traders to range between 120 and 150 pounds, while the value of workmanship is estimated at The gold pound is about 60 pounds.
Gold price today in Egypt
The price of a gram of 24 karat gold today in Egypt fell to 1099 pounds ($ 58.70), compared to 1135 pounds ($ 60.16) at the end of trading yesterday, Monday, according to the “egypt.gold-price-today” platform, which specializes in monitoring gold prices globally.
The price of a gram of 18 karat gold today in Egypt fell to 824.40 pounds ($44.03), compared to 851 pounds ($45.10) at the close of trading yesterday.
As for economic gold prices today in Egypt, the price of 14 karat gold fell to 641.20 pounds ($ 34.24), and the price of a gram of 12 karat gold recorded about 549.59 pounds (29.35 dollars), and the price of a gram of 9 karat gold recorded about 412.20 pounds ($ 22.01).
The price of 21 karat gold today in Egypt
The price of a gram of 21 karat gold today in Egypt (the most traded in the market) fell to 961.81 pounds ($51.37), compared to 993 pounds ($52.63) at the end of trading on Monday.
And the price of an ounce (an ounce) today in Egypt was about 34,185 thousand pounds (1826 dollars), and the price of the gold pound today in Egypt (8 grams of 21 carat) was about 7695 pounds (410.94 dollars).
Gold prices today globally
Gold prices rose on Tuesday from a four-week low, as a halt in the dollar’s rally and US Treasury yields provided some support, but gains were limited by increasing bets that the Federal Reserve will tighten monetary policy significantly.
And the price of gold in spot transactions rose 0.3% to $ 1824.21 an ounce by 0456 GMT, after falling to its lowest level since May 19 at $ 1810.90 earlier in the session.
US gold futures fell 0.2% to $1,827.80.
The dollar settled near its highest level in two decades on Monday, as it led to a decline in the price of the precious metal, priced in the US currency, by nearly three percent.
Matt Simpson, chief market analyst at City Index, said a 75 basis point rate hike could put gold under more pressure, even if it later regains its position as an inflation hedge.
On Monday evening, expectations that the Federal Reserve would raise interest rates by 75 basis points on Wednesday jumped to 96% from 30% earlier in the day. The 75 basis point hike would be the largest since 1994.
Higher interest rates and US bond yields in the short term increase the opportunity cost of holding non-yielding gold.
The price of silver, platinum and palladium today
The price of silver today in spot contracts rose 0.5% to $ 21.16 an ounce, and the platinum price increased today by 0.4% to $ 936.77, and the price of palladium rose today by 0.4% to $ 1804.17.