2023-08-30 07:16:00
Islam Saeed wrote Wednesday, August 30, 2023 10:16 AM
Today, Wednesday, gold prices are witnessing remarkable stability after a decline of 10 pounds yesterday, and a gram of 21 karat gold, which is the best-selling in Egypt, recorded 2225 pounds per gram, with the continued rise of the gold price on the global stock exchange to the level of 1936 dollars.
Gold prices today:
24 karat records 2543 pounds.
21 karat records 2225 pounds.
18 karat records 1907 pounds.
The gold pound is 17,800 pounds.
Global gold prices
Gold prices gained support since breaching the psychological level of $1900 an ounce, in addition to breaking the resistance area at 1907-1910 dollars an ounce, which prompted many investors to close short positions, which increased gold’s gains.
At the same time, the dollar fell against a basket of major currencies from its highest levels in 3 months in light of the current overbought, as the dollar index fell since the beginning of the week by 0.1%, which helped gold to recover.
Also, US government bond yields for 10 years fell since the beginning of the week by 1.1%, to record the lowest level this week at 4.175%, to remain far from the highest level recorded in 15 years during the past week at 4.362%.
The decline in bond yields reduces the opportunity cost of gold, which does not provide a return to its holders, and helps prices rise, in addition to the decline in the levels of the US dollar, which is associated with an inverse relationship with gold, to give it another impetus to rise, according to Gold Billion analysis.
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