witnessed Gold prices today Tuesday, a remarkable stability after yesterday’s decline of about 10 pounds, with a limited decrease in demand for gold in the markets now, and reached Price per gram of gold 21 karat, which is the best-selling in Egypt, 1670 pounds per gram.
Gold prices today:
18 karat recorded 1430 pounds.
21 karat recorded 1670 pounds.
24 karat, a record of 1909 pounds.
The gold pound is 13,360 pounds.
Hisham Al-Laithi, gold and metals market analyst at Sam Precious Metals, confirmed that the global gold market during 2023 is directly linked to the central banks’ interest-related trends, whether by further raising interest rates or slowing down the rate of interest rise, which will have direct repercussions on the price of an ounce of gold, which records Levels approaching $1827 before closing the markets in conjunction with New Year’s celebrations.
Hisham Al-Laithi explained in press statements today that the closest point of resistance to gold is at $ 1830 an ounce globally, and if this point is exceeded, gold will target the $ 1870 point, noting that the statements of Kristalina Georgieva, Managing Director of the International Monetary Fund, in which she said that the year 2023 It will be more difficult than 2022, and everyone will feel the stagnation in the global economy in the first quarter of 2023. Gold will support in the first quarter of the new year and it will be above $1,830 levels.
The gold market analyst explained that the expectations of a slowdown in the Chinese economy this year due to the return of closures in some areas as a result of the outbreak of the Corona virus will have direct effects on gold, which gains more confidence among investors, because the precious metal is the biggest winner from economic and geopolitical tensions.
Al-Laithi said that the rise in interest rates and the strengthening of the dollar may put pressure on gold for some time this year, but at a slower rate than expected amid the high waves of inflation that will continue until the second half of 2023, and this gives more support for gold in the first quarter of 2023.
Hisham Al-Laithi concluded that gold is awaiting this week the announcement of the minutes of the Federal Open Market Committee meeting tomorrow, Wednesday, and it is expected that the report of the change in US non-agricultural sector jobs will be announced, and in the event that the jobs are positive, then gold may witness some decline, and in case of weakness Employment, gold may receive more support and a rise in it, targeting $1850 in the medium term.