Gold prices rose in Egypt, on the evening of Wednesday, April 7, 2021, compared to mid-trading, to contradict the global decline in the yellow metal.
Gold prices in Egypt are affected by the global precious metal exchanges, which witnessed a decline in prices as a result of the rise in the dollar and the returns of long-term US bonds in today’s trading.
The price of gold in Egypt varies in different regions and types of caliber, as the value of workmanship (the merchant’s wage per gram of gold jewelery) ranges between 30 and 60 pounds.
Gold prices in Egypt
The price of a gram of 24 carat gold rose in Egypt, during the dealings on Wednesday evening, at merchants and goldsmiths’ shops, recording 868.5 pounds.
The price of a gram of 21 carat gold in Egypt (the most traded in the markets), during today’s evening trading, was about 760 pounds.
The price of a gram of 18 carat gold in Egypt was 651.5 pounds.
Regarding the price of economic gold in Egypt, the price of a gram of 14-carat gold was recorded at 506.75 pounds, and the price of a gram of 12-carat gold was recorded. 434.25 pounds.
The price of an ounce and a pound of gold
The price of an ounce in Egypt, during Wednesday’s trading, was about 1736 dollars, and the price of the pound of gold in Egypt (8 grams of 21 carat) rose to 6080 pounds.
Gold prices worldwide
Gold prices fell today, Wednesday, as strong economic data from the United States raised expectations for a rapid economic recovery and reduced the attractiveness of the precious metal, while investors awaited the minutes of the last meeting of the Federal Reserve regarding monetary policy.
Spot gold fell 0.4% to $ 1737.09 an ounce by 0946 GMT. And US gold futures fell 0.3% to $ 1737.70 an ounce.
Carlo Alberto De Casa, chief analyst at Active Trades, said the strong US economic data raised concerns that the central bank could reverse its policy sooner than expected.
Expectations are growing that the escalation and acceleration of economic growth and inflation in the United States may force the Federal Reserve to break its promise to keep interest rates near zero until 2024.
Gold, which does not generate a return, is vulnerable to rising interest rates as it raises the opportunity costs of owning the metal and supports the dollar and bond yields.