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Wednesday, March 22, 2023

Gold prices in Egypt reach unprecedented levels as dollar declines

Egyptian gold prices have reached unprecedented levels in the past few days, driven by the dollar’s decline and investors’ preference for gold as a safe haven amid the state of turmoil in the banking sector. With growing expectations of the US Federal Reserve cutting interest rates to avoid putting pressure on banks, analysts predict that gold prices will continue to rise.

According to Saeed Imbaby, a member of the Gold Division, gold prices rose by 25 pounds during today’s trading, Saturday. A gram of 21 karat gold now costs 2075 pounds, 24 karat is at 2371 pounds, 18 karat at about 1779 pounds, 14 karat at about 1383 pounds, and a gold pound is priced at about 16,600 pounds.

On Friday, gold prices rose by 125 pounds during trading, with a gram of 21 karat gold opening transactions at 1945 pounds and closing at 2050 pounds. The price of an ounce of gold rose by $59, opening the week’s trading at $1930 and closing at $1989.30.

Imbaby stated that the rise in the global stock exchange’s ounce to a level close to $2,000, combined with the pound’s decline against the dollar, has pushed gold to record historical levels in the local markets. The price on the global stock exchange is now the most important factor in determining gold prices.

Title suggestion: Gold prices in Egypt reach unprecedented levels as dollar declines

Comma-separated tags: Gold prices, Egypt, dollar, investors, safe haven, turmoil, banking sector, interest rates, Federal Reserve, historical levels, global stock exchange.

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