2023-10-03 06:00:00
Written by Islam Saeed Tuesday, October 3, 2023 09:00 AM
The price of a gram of 21 karat gold, at the beginning of trading today, Tuesday, stabilized at 2,150 pounds, after a decline from levels of 2,200 pounds due to a decrease in demand for gold.
Gold prices in Egypt today
21 caliber costs 2150 pounds
18 karat weighs 1842 pounds
24 karat records 2460 pounds
The gold pound is 17,200 pounds
Gold price globally
Expand gold From its losses in the first session of October, recording a decline for the sixth session in a row in light of increasing selling pressures with the dollar stabilizing at its highest levels in 10 months, while the markets await the speech of the Chairman of the US Federal Reserve today.
Spot gold prices fell by 0.4% since the beginning of today’s session to record the lowest level in 7 months at $1,836 per ounce, and at the time of writing the Gold Billion technical report, it was trading at $1,838 per ounce. This comes after gold fell last week by approximately 4%, recording the largest weekly rate of decline. Since June 2021, it ended the third quarter trading down by 3.7%.
The main reason behind the decline in global gold prices remains the rise in dollar levels as a result of expectations that the US Federal Reserve may resort to a new interest rate hike before the end of the year, in addition to the bank members’ expectations that interest rates will remain higher than 5% during the year 2024.
The dollar index, which measures its performance against a basket of 6 major currencies, rose slightly today to trade near the 106 level after recording its highest levels in 10 months during last week’s trading. The strength of the US dollar has a negative impact on gold prices in light of the negative relationship between them since gold is a commodity. Priced in dollars.
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