Saturday 20/May/2023 – 11:00 PM
Gold prices fell by 1.6% on the global stock exchange during the trading week ending on Friday evening, in light of the rise in the dollar and the growing expectations that the US Federal Reserve will raise interest rates, but the hints of Jerome Powell, Chairman of the Federal Reserve on Friday evening, of the possibility of stopping raising interest rates as a result of the suffering of the banking sector, have limited Among the losses of the yellow metal at the end of the trading week, according to the market research department of the Egyptian Gold Company.
Gold prices fell by $32 in global markets
Fadi Kamel, Executive Director of Egypt’s Gold Trading Company, said that gold prices fell by $32 in global markets during last week’s trading, as the ounce recorded at the beginning of the week’s trading about $2.010 thousand, and touched the level of $2.020 thousand, and fell to the level of $1.950 thousand, and concluded Trading yesterday evening, Friday, at 1.978 thousand dollars.-
Kamel explained that gold prices rose by 100 pounds in the local markets during today’s trading, Saturday, as a gram of 21 carat gold opened today’s trading at 2.3 thousand pounds, rose to 2.425 thousand pounds, and closed today’s trading at 2.4 thousand pounds.-
He added, that a gram of 24 karat gold is trading at a price of 2.743 thousand pounds, a gram of 21 karat gold has recorded 2.4 thousand pounds, a gram of 18 karat gold is trading at a price of 2.057 thousand pounds, and a gram of 14 karat gold is trading at a price of 1.6 thousand pounds, and the price of an ounce of gold is About 85.321 thousand pounds, and the price of a gold pound is about 19.2 thousand pounds.
Kamel expected that gold prices in the local markets would witness new highs during next week’s trading, due to the rise in ounces on the global stock exchange, as a result of investors’ tendency to gold as a safe haven with the renewal of the US debt ceiling crisis, and the growing expectations of stopping raising or lowering interest rates.