The global gold market is affected by any new decisions on the economic or even political level, and during this month the US economy was on a date with the Federal Reserve’s decision on interest rates, and it was maintained..
The US Federal Reserve indicated that interest rates will remain at the level of zero percent until at least the end of 2023, according to what was announced by Council Chairman Jerome Powell after the meeting of the Federal Open Market Committee of the Council, which continued for the past two days. The news made headlines in global economic newspapers.
Although this decision was supposed to support the gold market and increase the demand for it, what happened is that the dollar witnessed a significant rise during the past four weeks, which boosted investors’ appetite for risk and decreased demand for gold, which reduced its price..
The broadcast market program on Al-Youm Al-Sabea TV touched on the discussion of the future of gold prices globally and locally, as market indicators reveal that gold will not remain low, but will witness a rise by the end of this year.
The price of gold in Egypt during the period from the beginning of August until now recorded a significant decrease of 100 pounds per gram, against the background of the decline of an ounce of gold from 2025 dollars to 1860 dollars, and gold in Egypt fell from 920 pounds to 816 to 820 pounds at the goldsmith market.
The price of gold reached its peak in Egypt on August 5, 2020, recording 920 pounds per gram, which is the maximum price recorded by 21 carat gold, which is the main caliber of the Egyptian market, after the ounce reached $ 2025, a record that gold recorded for the first time in the world..
Regarding the reasons for the rise in gold during the year 2020, observers emphasized that the decline in interest trade drives investors to put their money in gold as a safe haven, which increases the demand for it in an unprecedented way and pushes it to record historical prices.
Globally, gold prices rose to surpass the $ 2,000 mark for the first time in history, last August, as demand for the metal, which is considered a safe haven, was boosted by a climate of extremely low interest rates and hopes for further stimulus in the United States to protect the economy affected by the Coronavirus..