With the rise of gold in the global stock exchange at the end of last week’s trading, those increases were passed within the gold trading market in Egypt, where we can say that the price of gold got out of control and no longer, to see 21 karat, the best-selling, jumping by more than 240 pounds in less than 10 days, from 1860 pounds to 2100.
Gold price forecast for the coming days
Amir Rizk, an expert in gold artifacts, predicted, in exclusive statements to Al-Ousboa, that the price of 21 carat gold will move towards exceeding the 2,500-pound barrier in the coming period, amid the rise of 24-carat towards the range of 3,000 pounds, with an ounce being able to exceed $2,000, about $2,500.
Rizk attributed his expectation that the price of gold would reach 2,500 pounds to the return of the price of the dollar in Egypt to rise again against the pound, in addition to the US Federal Reserve going to reduce the rate of interest hikes if we do not see it fixing rates, which will stimulate the investor segment to move towards the less risky and safer metal at the time of control. inflation rates.
Reasons for the record high price of gold
The price of 24 karat gold, the highest value in Egypt, rose to about 274 pounds, from the level of 2126 pounds on Friday, March 10, to about 2400 pounds today, Sunday, March 19, 2023.
– The record high price of gold in Egypt came after a series of increases in gold within the Foreign Metals Exchange, which amounted to $121 an ounce, from the level of $1868 on Friday, March 10, 2023 to $1989.
Gold was affected by the rising trend after the increased demand for it following investors’ tendency to have a less risky appetite from the US bond market and banking transactions, which proved to be useless in light of the lost liquidity conditions within banks, in addition to the high risks of the domino effect from the bankruptcy of Silicon Valley and heading towards Credit Suisse and First Bank. Republic, as well as Signature Bank.
– The price of 18 karat gold increased during less than 10 trading days from the month of March in Egypt, by about 204 pounds, from the level of 1596 pounds, Friday, March 10, to 1800 today, Sunday, March 19, 2023.
What is the price of a pound of gold today?
The price of the gold pound also increased by about 1920 pounds, from 14,880 pounds, the price of Friday, March 10, 2023, to 16,800 pounds today, Sunday, March 19, 2023.
Today, the price of half a pound of 21 carat gold, weighing 4 grams, is about 8,400 pounds.
Gold pound price now
The price of a quarter of a pound of 21-carat gold, weighing 2 grams, recorded about 4,200 pounds.
And press reports last week indicated that fears of more bad banking news fueled the series of rises in the gold market.
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