2023-11-02 05:00:00
Written by Islam Saeed Thursday, November 02, 2023 07:00 AM
A market awaits gold In Egypt, the results of the Monetary Policy Committee meeting at the Central Bank today, Thursday, to decide interest rates, and the price of a gram of gold in Egypt now records 2570 pounds per gram in spot trading for 21 karat, which is the main karat in the gold market in Egypt.
Gold prices today ..
24 karat records 2937 pounds.
21 caliber records 2570 pounds.
18 karat weighs 2200 pounds.
The gold pound is 20,560 pounds.
Gold in November 2023
Gold opened November trading lower for the third session in a row, and concerns about the conflict in the Middle East caused gold, which is considered a safe haven, to rise above the level of $2,000 per ounce during the past month.
decreased gold prices During yesterday’s trading, the spot rose by 0.3% to record a low of $1,975 per ounce, and at the time of writing the report, it was trading at $1,978 per ounce, after it declined during yesterday’s session by 0.6%, losing $13 per ounce.
During the month of October, gold rose by 7.3%, earning $135 per ounce and recording the largest monthly rise since last March, thus erasing all the losses recorded by gold during the second and third quarters of the year combined, as the precious metal had witnessed a decline during the second quarter by 2.5% and during the quarter. The third rate was 3.7%, according to analytical monitoring of gold movement by Gold Billion.
Gold was able to penetrate the level of $2000 per ounce last week to close the week’s trading above this level, but at the beginning of this week gold began a negative correction that pushed it to the support level of $1975 per ounce, especially with the markets waiting for the US Federal Reserve’s meeting today, and the US jobs report data next Friday. .
The main reason behind the record rise in gold prices during the month of October is the war in the Middle East, which caused an increase in demand for safe havens in the financial markets, making gold the best investment in the markets.
On the other hand, we find that the US dollar also achieved positive performance during the past month, whether due to support from better-than-expected US data that shows the flexibility of the US economy and its acceptance of further monetary tightening, or because it is also considered a safe haven in the financial markets.
The dollar index, which measures its performance against a basket of 6 currencies during the month of October, rose by 0.6% and recorded during the month the highest level since November 2022 at 107.033, making the dollar’s rise in October a rise for the third month in a row.
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