We publish the latest update on gold prices today in the Egyptian market, to record the price of a gram of 21 karat gold, which is the best-selling in Egypt today, 1770 pounds per gram, after a morning drop of about 5 pounds, but the metal rose again due to a movement in the global price of gold to levels of 1940 dollars.
Gold prices today
18 karat records 1517 pounds.
21 karat records 1770 pounds.
24 karat records 2023 pounds.
The gold pound recorded 14,160 pounds.
Gold prices in the global stock exchange
Gold prices rose on Tuesday in global stock exchanges, as the decline of the dollar amid expectations of raising interest rates at a lower pace in America made gold a more attractive bet, according to the Gold Billion report, and the price of gold rose 0.3% to 1937 dollars an ounce, and the highest price recorded during trading was 1942. dollars an ounce, and the dollar index fell 0.2%, making gold priced in US dollars cheaper for many buyers.
The report said that gold has gained nearly $120 since the beginning of 2023, supported by expectations that the US Federal Reserve may raise interest rates by only 25 basis points in the first and second meeting of 2023, after slowing its pace to 50 basis points in December 2022, according to the report. gold Bullion, as the expected recession may force the US Central Bank to ease monetary policy tightening.
And the report continued, if the Federal Reserve indicates that it will continue to raise interest rates more than what markets currently expect, this may erase some of the gains that gold has achieved year-to-date and pull prices back to the level of $ 1900, and it may determine the estimates of GDP growth. US total for the fourth quarter scheduled for release on Thursday Tone of the January 31st to February 1st Fed policy meeting Any signs of US economic weakness will be seen as a reason for the Fed to tighten less sharply This may support gold, which may receive Also Safe Harbor flows.
gold locally inside Egypt
Gold prices stabilized around the level of 1970 pounds for the 21 carat, the most widely traded, amid quiet trading of the dollar against the pound at the level of 29.90 pounds per dollar, and the markets in Egypt are still awaiting the meetings of the Central Bank of Egypt next month and the course of exchange rates, which caused its calmness to calm gold prices.
Inflation indicators were the first support for gold prices in Egypt, as the increase in the annual general inflation rate was widespread, but food price inflation was more evident, bringing the annual food inflation rate to 37.2% in December 2022 from 29.9% in November 2022, similarly, Annual non-food inflation rose to 14.3% in December 2022 from 13.8% in November 2022.