We publish the latest update on the price of gold today in the Egyptian market, amid momentary changes in the price of gold, and a gram of 21 karat gold, which is the best-selling in Egypt, records 1800 pounds now at the time of writing these lines, and in the context of the following lines we monitor the latest developments in the prices of the precious metal.
Gold prices today:
18 karat records 1543 pounds.
21 karat records 1800 pounds.
24 karat records 2057 pounds.
The gold pound records 14,400 pounds.
Gold prices fell globally by nearly 1% last week, after Jerome Powell, Chairman of the Federal Reserve, said that next year will witness more interest rate hikes. It was recorded on Tuesday, and US gold futures fell 0.9%, to $1,802.10.
Jerome Powell, Chairman of the Federal Reserve, said yesterday, Wednesday, that the US Central Bank will adopt more interest rate hikes next year, even though the US economy is sliding towards a possible recession.
Gold is known as a hedge against inflation, but high interest rates tend to weaken its attractiveness because it increases the opportunity cost of holding non-returnable metal, and the dollar index rose 0.1%, and an increase in the dollar makes gold more expensive for buyers from abroad.
As for other precious metals, silver fell 2.7% to $23.24 an ounce, platinum fell 1.1% to $1017.25, while palladium fell 0.7% to $1903.18.