Gold prices were exposed to turbulent salutations during today trading in the local, meanwhile, the price of an ounce on the global stock exchange declined after the US Federal Reserve’s decision to increase interest rates by 75 basis points to curb inflation.
Gold showed some resilience after the rate hike decision, and then took a downward trajectory after relative hikes stemming from the Russian-Ukrainian war tensions, and Putin’s announcement of partial mobilization.
The US Federal Reserve is expected to take a more hawkish stance on the future course of interest rates during the next November meeting, and the total increase in interest rates may reach more than 400 basis points in 2022.
Saeed Imbabi, Executive Director of the “isagha” platform for trading gold and jewelry online, said that gold prices fell by about 7 pounds at the opening of trading and then rose by 15 pounds at closing trading in the local markets during today’s trading, compared to the close of trading yesterday, bringing the gram of 21 karat gold to the level of 1142 pounds.
Today’s price rose and the ounce in global markets also fell to the level of 1165 pounds. $1,683.
And gold prices rose by about 25 pounds during trading yesterday, Wednesday, as a gram of 21 karat gold opened trading at the level of 1125 pounds, and concluded transactions at the level of 1150 pounds, while the ounce opened trading at the level of 671 dollars, and concluded transactions at the level of 1673 dollars.
Imbabi added, that a gram of 24 karat gold recorded 1332 pounds, a gram of 18 karat gold recorded 999 pounds, a gram of 14 karat gold recorded 777 pounds, and a gold pound recorded 9320 pounds.
He pointed out that local markets are awaiting the meeting of the Monetary Policy Committee of the Central Bank of Egypt today, Thursday, to determine the fate of interest rates, as it will have repercussions on the future movement of gold prices.
Translated by Ahmed Moamar