Following the precious metal’s rise on the international market, gold saw a rise on the Egyptian local market today, Monday, October 17, 2022. It is anticipated that gold will experience a decline in the days to come as a result of the Federal Bank’s meeting in November, when it is expected to tighten its monetary policy and raise interest rates.
In addition to the value of the Egyptian pound in relation to the US dollar, it is important to note that the local market in Egypt is connected to the worldwide precious metal market.
Following the announcement of American inflation, which indicated the continuing of the American federal for its rigorous policy towards raising interest rates, gold experienced a loss of more than 3% during last week’s trade.
Fajr offers to read the current gold prices as published by the General Division of Gold, even though he is aware that manufacturers are not included in these rates.
Fajr offers to read the current gold prices as published by the General Division of Gold, even though he is aware that manufacturers are not included in these rates.
5% to a record high of 1650.49 dollars, or 39.488 Egyptian pounds per ounce, and American gold futures increased by 0.4% to $ 1656.00.
There was less pressure on the yellow and ward metal in dollars since the dollar index decreased by 0.1%.
It is reported in the context that these increases are continuing the gold prices in the global market during the recent period, to approach their highest level since the beginning of this year, after reaching 1717 dollars an ounce at the end of trading last week..
A big increase in gold prices is urgently needed in Egypt today, October 17, 2022.
About Author
