Gold prices fell in Egypt today, Wednesday, March 16, 2022, affected by the global drop in “precious” amid the anticipation of inflation data in the United States.
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.
Hopes for a ceasefire between Russia and Ukraine in light of ongoing negotiations have led to a decline in demand for safe-haven gold and a shift to stocks, cryptocurrencies and short-term bonds to seize the opportunity. . dollar, which is backed by the Federal Reserve (the US central bank) against inflation.
Gold Price Today in Egypt
The price of a gram of 24-carat gold in Egypt fell today, Wednesday, to a record of about 968.99 pounds, compared to 981.44 pounds at the close of trading on Tuesday.
The price of a gram of 18 carat gold in Egypt today fell to the level of 726.76 pounds, compared to 736.09 pounds at the close of trading yesterday.
Looking at cheap gold prices in Egypt today, Wednesday, the 14K gold price per gram recorded around £565.25, and the 12K gold price per gram posted around £484.50, and the price of a gram of 9-carat gold registered around 363.37 pounds.
21 carat gold price today in Egypt
The price of a gram of 21-carat gold in Egypt today (the most traded in the market) fell to 847.89 pounds, compared to 858.78 pounds at the close of trading yesterday, Tuesday, to drop 10.89 pounds from its last closing price.
The price of an ounce in Egypt today, Wednesday, was about 30,136 pounds (1,918 dollars), and the price of a pound of gold in Egypt today (8 grams of 21 carats) registered about 6,783 pounds (431.76 dollars).
Gold prices today worldwide
Gold futures prices rose during the Asian session on Wednesday, with April gold futures contracts trading at $1,918.90 an ounce, up 0.56%, according to the Comex rating of the Mercantile Exchange. New York.
The previous session witnessed a rally in gold prices until the price per ounce reached the level of 1926.55 dollars, and the precious metal price index is expected to receive support points at the level of 1908.10 per ounce and resistance points at the level of 2015.10 dollars per 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 0.21% to trade at $98.86.
Meanwhile, on the Comex, silver for May fell 0.59% to trade at $25.01 an ounce, while copper for May rose 0.58% to trade at $4.53 a pound.
“Safe-haven gold demand has been hit by hopes, albeit dim, that Ukraine-Russia talks will lead to a de-escalation,” said Ricardo Evangelista, chief analyst at ActivTrades.
The US Central Bank is expected to announce at the end of its two-day meeting on Wednesday that it will raise borrowing costs by a quarter of a percentage point.