Global gold prices rise with fears of intense selling

yousef25 January 2022Last Update : 2 years ago
Global gold prices rise with fears of intense selling

The price of gold rose globally today remarkably, after the stability of the ounce of gold again on the second trading day on the International Metal Exchange after its decline yesterday, to rise with it today gold prices in Egypt on Tuesday 25-1-2022 in the middle of today’s evening trading in the local goldsmiths market.

Most analysts forecast a poor year for gold on worries about a selloff in prices and holdings, such as one seen in 2013 after the Federal Reserve signaled policy tightening and investors lost faith in the metal. Yet prices are holding near a two-month high and ETF holdings are still well above where they were before the Covid-19 crisis started.

Gold futures settled at their highest price in more than two months on Tuesday, finding support as U.S. stock indexes traded lower a day ahead of the Federal Reserve’s announcement on monetary policy.

Prices for the haven metal also climbed as the International Monetary Fund cut its forecast for global economic growth this year on the aback of weaker outlooks for China and the United States.

On Tuesday, February gold GCG22, 0.35% GC00, 0.35% rose $10.80, or 0.6%, to settle at $1,852.50 an ounce, following a 0.5% climb on Monday. The settlement was the highest for a most-active contract since Nov. 18, FactSet data show.

After falling the most in six years in 2021, bullion prices are up slightly this month, an impressive performance compared with some other assets. Global stocks have slipped more than 6% and Bitcoin has lost about a fifth of its value on worries that an imminent Fed rate hike will sap investor sentiment.

Gold could also benefit from a potentially weaker dollar as investors cut positions in U.S. companies, according to Patrick Fruzzetti, portfolio manager at Rose Advisors in New York.

The price of gold in Egypt

The price of gold in Egypt rose by about two pounds per gram, to record the price of a gram of 21 carat most prevalent in the Lower and Upper Egypt now about 805 pounds per gram, after recording it this morning about 803 pounds per gram, not including workmanship, which is determined according to each caliber.

And the price of a gram of 24 karat gold has now gained two pounds, and the highest price in Egypt during transactions now is to reach 920 pounds, knowing that it is the highest price in Egypt because its quality is higher.

The price of a gram of gold today, 21 karat, rose after an ounce of gold rose slightly in trading, to reach 805 pounds; It is the most prevalent caliber in Egypt today.

The price of a gram of gold today, 18 karat, which is the least expensive locally, jumped to record 690 pounds in trading; It is the best-selling caliber in Lower Egypt.

The gold pound today in Egypt gained about 8 pounds, about 6,440 pounds, and the pound weighs 8 grams of 21 carat, the most common carat in both Upper and Lower Egypt.

The price of a kilo of 24 carat gold is about 920,000 pounds today, and it weighs 1,000 grams.

While the price of an ounce of gold rose globally during today’s trading, about 1846 dollars, after it gained about 8 dollars an ounce, to raise gold prices today in Egypt in the middle of trading.

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