Islam Saeed Books
Sunday, April 02, 2023 01:30 PM
We publish the latest update in gold prices Today, Sunday, April 2, 2023 in Egypt, the price of a gram of 21 karat gold, which is the best-selling in Egypt, recorded 2180 pounds per gram in spot trading..
Gold prices today:
21 karat records 2180 pounds.
18 karat records 1869 pounds.
24 karat records 2492 pounds.
The gold pound is 17440 pounds.
Gold ounce 1969 dollars.
global gold market
Gold ended the month of March and the first quarter of 2023 with exceptional performance, so that the precious metal became the first winner in the financial markets, as all crises and tensions in the markets eventually poured in favor of the first safe haven, which is gold, to achieve two consecutive quarters of gains on a record, according to Gold Billion.
Spot gold prices rose during the month of March by 7.8%, in its best monthly performance since July 2020, to record during the month the highest level in a full year at $ 2009.69 an ounce, to record an increase in gold during the first quarter of 2023 and exceed 9%, achieving gains for the second quarter in a row after It also exceeded 9% during the fourth and last quarter of 2022.
Gold achieved gains during the month of March that exceeded $140, although it closed lower during the past two weeks, so that the support level at $1950 an ounce remained steadfast in the face of any negative correction on gold, in the process of gathering enough momentum to breach the strong psychological level at $2000 an ounce, According to the technical report ofgold Bullion
The beginning of gold’s strength was three weeks ago with the collapse of the American Silicon Valley Bank, which led to the outbreak of a banking crisis in the United States that also affected Signature Bank, before moving to Europe and causing the downfall of the Swiss banking giant Credit Suisse.
The Federal Reserve meeting in March came after the banking crisis, which prompted the bank to change its direction with regard to monetary policy and interest rates. The peak of interest rate hikes is approaching, and the Bank believes that one additional hike during 2023 will be sufficient to achieve a balance between fighting inflation and calming the markets regarding any possible banking crisis.
This shift in the bank’s policy was enough to gain more strength for gold, especially since the financial markets have priced interest in a manner contrary to the bank’s expectations, and the markets believe that the Fed will resort to cutting interest rates during the second half of the year and before reaching 2024 despite the indication of Federal President Jerome Powell not to this happens.
Gold played the most important safe haven in the financial markets and gained all enough momentum to breach the $2000 level, to record the highest level since a year at $2009.69 an ounce. Before it began to decline in conjunction with the return of calm to the financial markets after interventions by decision makers and preventing the spread of the banking crisis and its transmission to other banks.