2023-05-09 10:30:00
Islam Saeed Books
Tuesday, May 09, 2023 01:30 PM
witnessed Gold prices today in Egypt Noticeable stability at the lowest level in two months, and the 21 karat record, which is the best-selling in Egypt, at the beginning of today’s dealings is 2550 pounds per gram, despite the global price of an ounce moving to the level of 2021 dollars in spot trading, while the demand for gold in Egypt records a noticeable decline this week.
Gold prices today:
24 karat records 2914 pounds.
21 karat records 2550 pounds.
18 karat records 2186 pounds.
The gold pound is 20,400 pounds.
Gold ounce 2021 dollars.
The price of gold is now on the global stock exchange
Gold prices witnessed slight increases during trading today, Tuesday, before the issuance of US inflation data that the markets are waiting for to search for the directions of the US Federal Reserve during its next meeting, while support in the gold markets remains due to fears of the banking crisis and the debt ceiling crisis.
Spot gold prices rose today, Tuesday, slightly for the second day in a row, by 0.3%, to trade at the time of writing the report at the level of $2026.53 an ounce, keeping prices stable above the psychological level of $2000 an ounce, since prices breached this level last week.
On the weekly level, gold prices rose since the beginning of the week by 0.5%, an increase for the third week in a row, but the US inflation data that will be issued tomorrow will have a significant impact on prices, according to the technical analysis of Gold Billion, and it is expected that the annual US consumer price index will witness an increase By 5% on an annual level during the month of April, higher than the bank’s inflation target at 2%, unchanged from the previous reading. As for the core index, which excludes variable factors, it is expected to rise by 5.5% from 5.6%.
Gold Billion’s analysis indicated that if the inflation report is high, it will increase market expectations of the need for the Fed to continue to keep interest rates high for as long as possible, which will have a negative impact on gold prices, which we may witness a decline below the $2000 level, provided that the level is The support at $1950 an ounce is what stops the drop.
Although gold is a hedge against inflation, high interest rates reduce the attractiveness of gold, which does not provide a return to its holders, compared to government bonds that benefit from high interest and provide a high return for investment.
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