Subscribe to receive economic news
Despite investigation gold price A slight rise in the middle of today’s trading, Wednesday, March 31, from its price in the morning, but it is still suffering from volatile transactions that are heading to record its biggest drop since December 2016, especially with the rise of US Treasury and dollar revenues to their highest rates for a long time, which made gold lose its luster And luring investors as a safe haven, all eyes turned to the dollar and Treasury bonds.
Where he scored gold price The 21-carat carat price in Egypt in the middle of today’s trading, Wednesday, March 31, was 750.74 pounds, and it was recorded in the morning 743.03 pounds, and at the end of trading on Tuesday 30 March it achieved a price of 743.91 pounds per carat, while on Tuesday morning it recorded 754.33 pounds per carat.
The 24-carat ounce in the middle of trading Wednesday, March 31, recorded $ 1,697.71, at the beginning of trading today, $ 1,680.30, and at the end of Tuesday’s trading on Tuesday, March 30, was $ 1,681.98, while on Tuesday morning, it was $ 1,705.84 for the oval.
Minister gold price In the spot market, 0.1% to $ 1,695.15 an ounce, after hitting the lowest level since March 8 at $ 1677.61 earlier today, and gold fell about 3% since the beginning of the month and 11.1% during the first quarter of 2021.
وارتفع gold price In futures trading in the United States also 0.1% to 1686.90 dollars an ounce.
The dollar index recorded its highest level in nearly five months against its competitors, whether gold or other currencies, as the dollar index rose to 93.439 from near 90.0 in the beginning of March, which is the highest level in about five months and is on the way to record the best monthly performance since 2016.
The greenback also gained support as the rise in US bond yields made the currency more attractive as an investment.
Ten-year US Treasury yields also stabilized near a 14-month peak, as record 10-year yields jumped to a one-year high of 1.776% on Tuesday, and are heading up for the fourth month in a row, and higher yields increase the chances of a landless gold.
The statements of US Fed member Robert Kaplan / today caused the chances of an increase in the dollar and treasury bonds, and thus a decrease in the price of gold and its direction for the worse.
The most prominent of these statements:
- The US Fed should act if the inflation and employment target is met
- I will advocate for any new measures if these goals are met, expecting a rate hike over the next year.
- The US economy is expected to grow by 6.5% this year in light of the stimulus package.
- Inflation may rise further this year, but it will decline next year, and 2023.
- Inflation may range from 2.25% to 2.5% this year.
- Inflation may reach 2.25% next year.
- Unemployment may reach 4% by the end of this year.
- We will monitor the unemployment rate very carefully, in addition to the part-time workers who want to switch to full time, and also the workers who have left their jobs.
A member of the US Federal Reserve, Raphael Bostic, said that the Fed is not expected to take a step towards higher US Treasury bond yields, and Bostic confirmed that bankers say credit market risks are low for the onset period of the Corona epidemic.
Harish V, head of commodity research at Geojit Financial Services, said that the general trend is on the weaker side and that it is just a technical rebound, meaning that it is not a reversal of the trend, as all fundamentals are on the weaker side, especially the strong dollar, returns and positive economic data, if gold breaks below the support level. At $ 1,665 an ounce, further weakness could be seen.
OCBC economist Howie Lee said: The amount of the upcoming stimulus will push inflation expectations higher, and it should be positive for gold, but at the same time, it cannot be absorbed enough by the market and this leads to higher returns and boosts sentiment. Which is negative for gold, and technically, the price of gold is playing with the key level of $ 1700, and there is critical support at $ 1,670, which is a recent low, while the general scenario for gold is still moderately bearish.
|a series||Unit||in Egypt||Globally|
|1||The price of gold is 24 karat||857.99 EGP||54.58 $|
|2||The price of gold is 22 karat||786.49 pounds||50.03 $|
|3||The price of gold is 21 karat||750.74 pounds||47.76 $|
|4||The price of 18 karat gold||643.49 pounds||40.94 $|
|5||The price of gold is 14 karat||500.49 pounds||31.84 $|
|6||The price of gold is 12 karat||428.99 EGP||27.29 $|
|7||The price of gold is 10 karat||357.50 pounds||22.74 $|
|8||Gold price per pound (weight 8 grams, 21 carats)||6,005.93 pounds||382.08 $|
|9||The price of an ounce of gold is 24 karat||26,686.47 pounds||1,697.71 $|
|10||Gold bar price (weight of 100 grams, 24 karat)||85,799.00 EGP||5,458.26 $|
|11||The price of a kilo of gold is 24 karat||857,989.98 EGP||54,582.64 $|
- The situation in Egypt
- The situation around the world