2023-04-22 11:56:00
Saturday, April 22, 2023 01:56 PM
We publish the latest update in Gold prices today On Saturday, a gram of 21 carat gold was the most traded in Egypt, 2430 pounds per gram, despite the drop in the price of gold on the global stock exchange to below $2000 an ounce.
Gold prices today:
21 karat records 2430 pounds.
18 karat records 2083 pounds.
24 karat records 2777 pounds.
The gold pound is 19440 pounds.
Gold ounce 1985 dollars.
gold in the global stock exchange
Prices have seen gold Global fluctuation during last week’s trading ended with recording the worst weekly decline in eight weeks, as trading closed below the important psychological level of $2,000 an ounce for the first time in 3 weeks, in light of the dollar’s stop falling and a change in interest expectations by the US Federal Reserve, according to Gold Billion. Spot gold prices decreased during the week ending by 0.8%, losing $16, and trading closed for the week at the level of $1983 an ounce. This comes after a significant drop in gold prices yesterday, Friday, by 1%.
Gold recorded losses of $65 since recording the highest level of this year at $2048 an ounce to its current levels, losing most of the gains it recorded during the month of April and trading near the opening price of trading this month.
The main reason for the decline in gold, which gold witnessed this week, was the statements of the members of the Federal Reserve, which reintroduced fears about inflation once again to replace fears of economic recession, as the point of view supporting the need to continue raising interest rates to confront inflation came to the fore.
The Gold Billion technical report indicated that after a month of high volatility the markets are now comfortable with the idea that the Federal Reserve is not done raising interest rates. Not only is there a 25 basis point rate hike for May, the markets have now pushed back the timing of any potential rate cut until the end of the year.
At the height of the banking crisis last month, markets were priced in for a possible rate cut as early as June, after that possibility disappeared we saw gold prices below $2,000 an ounce this week, while gold may see further declines in the near term, but support remains. It is present in the gold markets and is still on its way to reaching all-time highs this year.
The Fed’s watch tool indicates an 85.7% chance of a quarter-degree rate hike at the next May meeting, along with another 25.4% chance that the Fed will raise rates again in June bringing rates to the range of 5.25% to 5.50%.
Today, Saturday, April 22nd, Fed officials begin to remain silent on statements and the period of obfuscation that lasts until the conclusion of the May FOMC meeting, issuance of a statement followed by a press conference with Fed Chair Jerome Powell.
The statements of the Bank’s members during the past week about the need to continue raising interest rates and that there is more action by the Federal Reserve, contributed to gold’s decline significantly and its closing below the pivotal level of $2000 an ounce.
1682198026
#Gold #prices #today #Saturday #recorded #pounds #gram #karat