continued gold prices In Egypt today, Thursday, it declined for the third day in a row, but today the market witnessed a very limited and slight decline, as the price in the goldsmiths market decreased a little while ago by about one pound to two pounds, bringing the price of a gram of 21 karat gold, which is the best-selling in Egypt, from 786 to 785 pounds per gram at the time. The formulation of these lines, with the continued decline in gold prices on global stock exchanges below 1790 dollars an ounce.
she was gold prices Over the past 72 hours, it decreased by more than 25 pounds in all bullets traded in the goldsmiths market, against the backdrop of the price of an ounce of gold dropping to levels below 1790 dollars, due to a significant increase in the US dollar against other currencies.
Gold price today in Egypt:
Carat 18 recorded 672 pounds.
24 carat record 897 pounds.
21 caliber record 785 pounds.
The gold pound is 6280 pounds.
An ounce of gold is $1,790.
The US dollar recorded a jump after the re-nomination of Federal Reserve Chairman Jerome Powell for a second term, which fueled expectations that the US central bank will continue the path of reducing support and stimulus programs, indicating the possibility of an expected hike in interest rates, which are the main reasons that pushed gold to the downside.
News of Powell’s nomination for a second term and the nomination of Lyle Renard as Vice Chairman of the Federal Reserve pushed the US dollar to the highest level since July 2020. It also triggered a jump in US Treasury yields.
A rise in the dollar would make gold more expensive for holders of other currencies, while higher interest rates would reduce the attractiveness of the non-yielding precious metal.
Financial markets are now predicting that the US central bank will raise its key interest rate by 25 basis points by June, not July as previously indicated.