The price of gold fell in Egypt today, Tuesday, March 15, 2022, affected by the fall of the yellow metal worldwide due to inflation and geopolitical tensions.
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.
It seems that global inflation has pushed investors into stock markets, real estate and digital currencies instead of hedging with gold, but the vision is still blurred due to geopolitical tensions in Eastern Europe and the ensuing global food and energy crises. .
Gold Price Today in Egypt
The price of a gram of 24-carat gold in Egypt fell today, Tuesday, to a record of about 981.44 pounds, compared to 998.12 pounds at the close of trading on Monday.
And the price of the 18 carat gold gram in Egypt fell today, reaching the level of 736.09 pounds, compared to 748.60 pounds at the close of trading yesterday.
And about the economic gold prices in Egypt today, Tuesday, the price of a gram of 14 carat gold registered around 572.51 pounds, and the price of a gram of 12 carat gold registered around 490.72 pounds, and the 9-carat gold gram price scored around 368.04 pounds.
21 carat gold price today in Egypt
The price of a gram of 21-carat gold in Egypt fell today (the most traded in the market) to about 858.78 pounds, 14.59 pounds less than the closing price of yesterday Monday, which amounted to 873.37 pounds.
The price of an ounce in Egypt today was about 30,523 pounds (1939 dollars), and the price of a pound of gold in Egypt (8 grams of 21 carats) registered about 6,870 pounds (436.51 dollars).
Gold prices today worldwide
Gold prices slumped during spot trading this morning Tuesday by 1.12% to hit the price per ounce (one ounce) at $1931.10.
Gold futures fell during the Asian session on Tuesday, with the precious metal trading under April contracts at the $1,943.35 per ounce (per ounce) level, down 0.89%, according to the rating. Comex of the New York Mercantile. Exchange.
With reference to the previous session, gold traded at $1941.45 an ounce, amid expectations that the yellow metal will receive support at the barrier of $1941.45 and resistance points at $201510 an ounce.
As for the dollar index contracts, which measures the performance of the US currency against a basket of six other major currencies, it fell 0.12% to trade at $98.91.
Meanwhile, on the Comex, silver for May fell 0.77% to trade at $25.10 an ounce, while copper for May rose 0.55% to trade at $4.53 a pound.
After the fall that we witnessed in gold prices, where prices reached the levels of the pivotal region in 1990, in case prices remain above this region, we will see a strong rise in the prices of the yellow metal. , gold, towards resistance areas that prices can target in 2000, 2010, 2020, but in the event that the decline and prices remain at the lower levels of 1990 and stability below it with a 4 hour candle, we will witness stronger negativity in gold prices targeting support levels shown in 1980, 1970, 1960.
“Trade will be fueled by the war again,” said Stephen Innes, managing partner at SBI Asset Management. “But what will weigh on sentiment if there is no escalation on the war front is the Federal Open Market Committee, which be very aggressive.” A little more than the market thinks now.
Gold is highly sensitive to higher US interest rates as it increases the opportunity cost of owning the non-yielding metal.