Today, Thursday, gold prices in Egypt are witnessing their lowest level in more than 3 weeks, after yesterday’s drop of about 10 pounds, and a gram of 21 carat gold, which is the best-selling in Egypt today, recorded 1755 pounds per gram at the time of writing these lines.
Gold prices today:
18 karat records 1495 pounds.
21 karat records 1755 pounds.
24 karat records 1994 pounds.
The gold pound records 14040 pounds.
The international price per ounce is $1,924.
Gold retreated from its highest levels recorded yesterday, as the dollar stabilized and investors settled in their positions before the economic growth figures in the United States for the fourth quarter, and gold prices fell 0.5% to 1926 dollars an ounce, after hitting its highest level since late April on Tuesday at the level of 1942 dollars, according to a report. gold Bullion. The US Department of Commerce is expected to reveal its preliminary estimate of fourth quarter GDP on Thursday, which may determine the Fed’s decision for the January 31st to February 1st period.
A technical report by Gold Billion said that the gold losses, after the peak it recorded yesterday, resulted from a technical correction as investors closed their deals in order to take profits before the release of the data, but the general sentiment is positive, as it is expected that the Federal Reserve will adopt a more moderate stance and announce a hike. Interest rate by 25 basis points when it meets next week, and if confirmed, the scenario will be negative for the US dollar and US Treasury bonds, providing support for gold.-
The report added, lower interest rates tend to be beneficial to gold, which reduces the opportunity cost of holding non-yielding assets. Meanwhile, the dollar index rose 0.1% against its rivals, making gold more expensive for other currency holders.--
Traders are anticipating the Federal Reserve to scale back interest rate hikes further after monetary policy tightening slowed to 50bp last month after four consecutive hikes of 75bp, as fears of a potential recession also support gold.
Business activity in the United States contracted for the seventh consecutive month in January, although the slowdown in both the manufacturing and service sectors eased for the first time since September.
Also, Swiss customs data showed on Tuesday that Swiss exports of gold to countries including China, Turkey, Singapore and Thailand jumped to multi-year highs in 2022.
Switzerland is the largest gold refining and transit center in the world. Bullion is imported from mines and storage centers around the world for processing and re-export, and Swiss customs data showed that it exported 524 tons of gold last year, worth about $33 billion at current prices, to China and Hong Kong, up from 354 tons in 2021 and the largest since 2018.
Switzerland shipped 69 tons of gold to Singapore, up from 33 tons in 2021 and the largest since 2017, and 92 tons to Thailand, up from 56 tons in 2021 and the largest since 2013.
It sent 188 tons to Turkey, up from 11 tons in 2021 and the most in records dating back to 2012, and 47 tons to Saudi Arabia, up from 7 tons in 2021 and the most since 2015.
The weak data was India, the largest bullion market after China. Switzerland sent 224 tons of gold to India last year, down from 507 tons in 2021. Shipments to India slowed sharply in December as gold prices began to rise in November.