Price of Gold Upped Slightly, 21 Karat Gold Traded at 1770 Pounds

Gold prices rose at slight rates in the local markets during trading today, Tuesday, in light of the rise of an ounce on global stock exchanges to the level of 1939 dollars, supported by the decline in the dollar and the yields of US Treasury bonds for 10 years.

Changes in gold price came amid investors’ anticipation of the release of preliminary reading data for the US services and manufacturing PMI.

The global markets are awaiting the Federal Reserve’s decision regarding the interest rates at its next meeting scheduled on January 31 and February 1, 2023, in light of the possibility that it will slow down the pace of interest rates, and increase them by 25 basis points.

Saeed Imbaby, executive director of the “iSagha” platform for trading gold and jewelry via the Internet, said that gold prices rose by 10 pounds in the local markets during today’s trading, and compared to the end of yesterday’s trading, so that a gram of 21-carat gold recorded the level of 1770 pounds, while the ounce rose on the global stock exchange to the level of $1,939.

Imbaby added that a gram of 24-karat gold traded at

2033 pounds, a gram of 18 karat gold recorded about 1517 pounds, a gram of 14 karat gold recorded about 1180 pounds, while a pound of gold recorded about 14160 pounds.

He pointed out that gold prices fell by 15 pounds during trading yesterday, Monday, as a gram of 21 karat gold opened transactions at the level of 1775 pounds, then fell to the level of 1760 pounds, while an ounce opened transactions at the level of 1924 dollars, rose to the level of 1928 dollars, and declined to the level of 1917 dollars. , and closed trading at the level of 1921 dollars.

Imbaby added that the local markets are still witnessing a state of calm with the stability of the dollar exchange rate in the local market, amid anticipation of the results of the meeting of the Monetary Policy Committee of the Central Bank of Egypt to settle the interest rate on deposits and

lending on February 2.

Translated by Ahmed Moamar