Ehab Wasef, Vice President of the Gold Division, revealed that gold prices in Egypt decreased by 4 pounds a little ago, with a declining trend in the price of gold ounce globally to record 1678 dollars now, a decrease of 1.5%, which affected the price of the precious metal in Egypt.
Gold prices today after falling:
Caliber 18: 626.55 pounds per gram.
Caliber 21: 731 pounds per gram.
Caliber 24: 835.40 pounds per gram.
The gold pound: 5848 pounds.
World price: $ 1678.
Gold retreated due to the dollar’s rise, but what was limited by the losses was the stock market’s decline, under pressure from falling US oil futures below zero for the first time in the previous session. After jumping by about 1% yesterday, Monday, the collapse in the oil market raised the demand for safe haven. In US futures, gold lost 0.3% to $ 1706.70, according to Reuters news agency.
“There is a kind of tug-of-war struggle between gold and the dollar right now … gold is beginning to break away from stock gains,” said Kyle Roda, analyst at IG Markets. We saw a decline in the stock exchanges and provided that support for safe havens, and this partly leads to higher prices for gold and bonds, as well as the dollar. ”
At times, the yellow metal moved following the stock movement this year, as the recent sharp waves of selling prompted investors to also sell precious metals to cover their losses in other positions.
The dollar rose against the major currencies, which increases the cost of gold to investors holding other currencies.
Despite the return of US oil to the positive region today, Tuesday, its historical collapse caused the largest decline in Asian stock markets in a month.
Roda said that the continuing risks in the oil market would “provide some support for gold”.
A Reuters poll showed that the average price of gold is expected to remain below the recent highs recorded during 2020 and 2021, as the strength of the dollar and the weakness of individual consumption will overshadow an increase in demand from investors seeking safety in the yellow metal.
As for other precious metals, palladium fell 0.8% to $ 2147.53 an ounce, platinum fell 0.3% to $ 768.39 and silver fell 1.1% at $ 15.21 an ounce.