The price of gold rose today in Egypt, Monday March 21, 2022, amid rising prices for the precious metal on global markets, and rising interest rates in Egypt.
Gold prices in Egypt vary across different regions and gauges, where the value of labor (the merchant’s salary for each gram of gold work) ranges from £30 to £60 in goldsmiths’ areas, while raises for some dealers to range between 120 and 150 pounds.
Gold Price Today in Egypt
And the price of a gram of 24-carat gold in Egypt, during morning trading today, was around 973.11 pounds ($61.89).
The price of a gram of 18-carat gold in Egypt at the start of trading today was about 729.84 pounds ($46.42).
In terms of economic gold transactions in Egypt, the average price of a gram of 14-carat gold was around 567.65 pounds ($36.10), and the price of a gram of 12-carat gold marked around 486.55 pounds ($30.94), and the price of a gram of 9-carat gold was recorded at 364.92 pounds ($23.21).
Interest rates in Egypt
The rise in gold prices in Egypt coincides with the decision of the Central Bank of Egypt to raise interest rates this Monday morning.
Egypt’s central bank said in a statement on Monday that it raised key interest rates by 100 basis points at an extraordinary meeting of the Monetary Policy Committee.
The central bank set the overnight lending rate at 10.25% and the overnight deposit rate at 9.25%, citing global inflationary pressures exacerbated by the war in Ukraine. The Monetary Policy Committee was scheduled to meet on March 24th.
21 carat gold price today in Egypt
And the price of a gram of 21-carat gold (the most traded on the market), today in Egypt, reached the level of 851.49 pounds (54.15 dollars).
And the average price of an ounce of gold today in Egypt, during the first operations, was about 30,264 thousand pounds (1925 dollars).
While the average price of a pound of gold, at the beginning of today’s trading in Egypt, was about 6,812 thousand pounds (432.82 dollars).
Gold prices today worldwide
Globally, gold prices rose on Monday, supported by safe-haven demand, at a time when the Ukraine crisis showed no signs of abating, although the US Federal Reserve’s plan to implement measures bold moves to combat inflation capped gold’s gains.
And the price of gold in spot transactions rose 3.0% to $1,927.22 per ounce (per ounce) by 0528 GMT.
US gold futures fell 1.0% to $1,927.30.
“A bit of a safe haven (headline) is flowing into gold today as Ukraine has officially pushed back against Russia’s deadline (for Mariupol),” said Matt Simpson, senior market analyst at City Index.
Ukraine on Monday rejected Russian calls to hand over the port city of Mariupol, whose besieged residents lack food, water and electricity, while heavy fighting shows no signs of abating.
To prevent gold prices from rising further, two of the Fed’s most aggressive policymakers said Friday that the Fed needed to take bold action to combat inflation.
Federal Reserve Bank of Minneapolis President Neil Kashkari said he wants to raise interest rates from 1.75% to 2% this year.
In general, raising the interest rate increases the opportunity cost of holding gold with no return.
Holdings of the world’s largest gold-backed fund, SPDR Gold Trust, rose 0.8% to 1,082.44 tonnes on Friday, the highest level since March.
Palladium rose 3.4% to $97.9725 an ounce. It had risen to a record $3,440.76 on March 7, fueled by fears of supply disruptions from Russia, the precious metal’s biggest producer.
Silver price in spot traded 3.0% to $25.03 an ounce, while platinum rose 6.0% to $1028.20.