Today’s economic news is witnessing a number of important topics, including the noticeable declines in the gold market in Egypt today, Wednesday, and the seventh day also reviewed a number of news related to the stock market.
Stability of the food commodity market
Hazem Al-Menofi, Head of the Foodstuffs, Grocery and Spices Division at the Alexandria Chamber of Commerce, said that commodity prices in the markets are witnessing a state of stability during the current period due to government initiatives as well as commodity exhibitions..
Al-Menoufy explained, in press statements today, that the state’s continuous efforts to restore market discipline and the permanent availability of food commodities at prices that suit everyone, by expanding the establishment of exhibitions in all governorates of the Republic, to provide commodities to citizens at reduced prices, in implementation of the directives of President Abdel Fattah El-Sisi, and that To provide all citizens’ needs of commodities at reasonable prices in all governorates.
The Egyptian Stock Exchange
The main index of the Egyptian Stock Exchange, “EGX30”, increased by 4.51%, to close at the level of 16,791.11 points, during the sessions of the ending week, the fourth week in 2023, and the index of small and medium stocks, “EGX70 of equal weights”, rose by 1.14%, to close at the level of 3031.99. Points, and the “EGX 100 index of equal weights” increased by 1.67% to close at 4,534.20 points, and the “EGX 30 index of equal weights” recorded an increase of 3.16% to close at the level of 20120.51 points, while the Excellence index decreased by 0.48% to close at the level of 3525.53 points.
And the market capital of the Egyptian Stock Exchange gained about 29.3 billion pounds during the sessions of the ending week, to close at the level of 1082.2 trillion pounds, with a growth rate of 2.8%. The money index for small and medium stocks increased from 190.2 billion pounds to 197.1 billion pounds, with a growth rate of 3.7%.
Gold continues to decline
Gold prices decreased in Egypt today, Wednesday, by about 5 pounds for the second time, after a decrease of the same value in the morning, and a gram of 21 carat gold, which is the best-selling in Egypt today, recorded 1760 pounds per gram at the time of writing these lines.
Gold prices today: 18 karat records 1508 pounds.--
21 karat records 1760 pounds.-
24 karat records 2011 pounds.
The gold pound records 14080 pounds.
The international price per ounce is $1910.
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 Commerce Department is expected to reveal its preliminary estimate of fourth-quarter GDP on Thursday, which may determine the Fed’s decision from January 31 to February 1.