According to a report published by the ‘iSagha’ platform, gold prices rose significantly in the Egyptian market during today’s trading, coinciding with the rise in ounce prices in global stock markets, following the fall in the dollar following US President Donald Trump’s remarks that raised widespread concerns about the independence of the Federal Reserve.
According to the report, during today’s trading, gold prices in the Egyptian market rose by about 25 pounds, and the price of 21 carat gold hit a level of 6,700 pounds per gram, while in the world an ounce rose by about $35 to about $5,000.
7657 pounds for 24 carats
The price of 1 gram of 24 karat gold was about 7,657 pounds, 18 karat gold was about 5,743 pounds, and the price of 1 pound of gold reached about 53.6 thousand pounds.
The report explained that Egyptian gold prices fell by about 150 pounds during last week’s trading, and the gram price of 21-karat gold was recorded at about 6,675 pounds, even though globally an ounce rose about $70 to about $4,965.
monetary policy
Globally, gold continued to move above $5,000 an ounce despite falling below last week’s all-time high, given mixed economic indicators.
The support for gold came as the US dollar weakened for a second straight day on growing concerns about the independence of the US central bank, as well as expectations for further monetary easing from the Federal Reserve, increasing gold’s appeal as a non-yielding asset.
Meanwhile, widespread optimism in global stock markets due to a decline in geopolitical tensions in the Middle East limited the rally in precious metals, increasing investor appetite for riskier assets at the expense of safe-haven gold.
According to a report published by the iSaqa platform, the price of gold in the Egyptian market witnessed a notable increase during today’s trading, coinciding with the rise in the price of an ounce in global stock markets due to the fall in the dollar following US President Donald Trump’s comments that raised widespread concerns about the independence of the Federal Reserve.
According to the report, gold prices in the Egyptian market rose by about 25 pounds during the day’s trading, with the price of a 21-carat gold pound reaching 67,000 pounds, while a global ounce rose by about $35 to about $5,000.
24 carat gold costs £7,657
The price of 24 karat gold was recorded at around 7657 pounds, 18 karat gold around 5743 pounds, and the price of gold pounds reached around 53.6 thousand pounds.
The report revealed that Egyptian gold prices fell by about 150 pounds during last week’s trading, with the price of 21 carat gold recording about 6,675 pounds, even as the global ounce rose by about $70 to record about $4,965.
monetary policy
Globally, amid mixed economic indicators, gold continued to move above $5,000 an ounce, despite falling below the all-time high it hit last week.
Gold’s appeal as a non-yielding asset was boosted by a second straight day of weakness in the US dollar on expectations of more accommodative monetary policy from the Federal Reserve, along with growing concerns about the independence of the US central bank.
Conversely, widespread optimism in global stock markets limited precious metals’ gains as geopolitical tensions eased in the Middle East, increasing investor appetite for riskier assets at the expense of safe-haven gold.
