Gold prices rose today in Egypt during early morning trading on Wednesday March 23, 2022, despite expectations of a drop in “precious” globally, as geopolitical tensions eased.
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.
And about the price of the dollar today in Egypt, Wednesday, March 23, 2022, it was recorded in the National Bank of Egypt and Egypt 18.43 pounds for purchase, and 18.53 pounds for sale, while the price of the dollar today in Egypt with the Commercial International Bank CIB (the largest private bank in Egypt) at a value of 18.45 pounds for the purchase and 18.55 pounds for the sale.
Gold Price Today in Egypt
The price of a gram of 24 carat gold rose today in Egypt to 1,147 pounds, compared with 1,135 pounds at the close of trading on Tuesday.
And the price of a gram of 18-carat gold rose today in Egypt to £860.20, compared with £851.17 at the close of trading yesterday.
As for the cheap gold prices today in Egypt, the price of a gram of 14K gold was recorded around 669.03 pounds, and the price of a gram of 12K gold was recorded around 573.46 pounds, and the price of a gram of 9 carat gold registered around 430.09 pounds.
21-carat gold price today in Egypt
The price of a gram of 21-carat gold jumped today in Egypt, to record during the start of trading on Wednesday, March 23, 2022, around 1004 pounds, compared to 993.04 pounds yesterday, an increase of 10.96 pounds.
The price of an ounce (one ounce) in Egypt today was about 35,669 pounds (1,924 dollars), and the price of a pound of gold today in Egypt (8 grams of 21 carats) was about 8,029 pounds (433.04 dollars). .
Gold prices today worldwide
Gold futures rose during the Asian session on Wednesday and were trading at the $1,922.30 per ounce (one ounce) level at time of writing, up 0.04%, according to the Mercantile Exchange’s Comex rating. from New York. .
In the US session, the price of gold decreased 0.01% to settle at $1,921.40 an ounce.
The previous session saw gold contract trading higher, with the price of an ounce registering at $1,924.55, amid expectations that the gold index would receive support points at $1,909.80 an ounce and points of resistance at 1951 dollars 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 0.01% to register around $98.51.
The price of silver for the month of May increased by 0.18%, to register the price of an ounce, around 24.95 dollars, while the price of copper for the month of May fell by 0.18%, to quote at $4.70 a pound.
“Over the last 10 days, we’ve seen a significant erosion of the invasion momentum and speculative spree” in gold, said David Jones, chief market analyst at capital.com.
“The reality is that as concerns about Ukraine’s future fade, so have gold prices and talks this week about the 15-point peace plan and the possibility of a Russia-Ukraine deal. have pushed prices down,” Michael McCarthy, chief strategy officer at Tiger Brokers, told Reuters.
“To a degree, the US dollar was a major factor and one of the things that held gold back from attempts to rally to all-time highs.”
Russia appears to have halted its advances on Ukrainian cities after the outbreak of war on February 24, 2022. Officials from the two countries also met again for peace talks, but progress was limited.
“Sure, a quarter-point rate hike was expected, but what was not expected is six more rate hikes through 2022. That is an optimistic statement from the US Federal Reserve,” McCarthy said. Referring to the central bank’s interest rate of 0.5% after the bank issued its policy decision on Wednesday.