The yellow metal had earlier gained following the central bank’s announcement last Thursday that it would be hiking interest rates and liberalising the exchange rate. Gold prices in Egypt stabilised at the start of the week’s transactions today, Monday.
18: 976 pounds, 14: 761 dollars, 21: 1139 pounds, 24: 1302 pounds, and OID: 1671 dollars.
5 pounds of gold, free of any manufacture, stamps, or taxes.
After statistics revealed that inflation pressure is still high and bond returns increased, gold declined by more than 1% on Friday as a result of the strengthening anticipation for another significant increase in interest rates at the US Federal Reserve meeting next week.
By 1743 GMT, the price of gold in spot trades had dropped 1.3% to $164.1 per ounce. US gold futures decreased 1.3% to $ 1644 at settlement.
Consumer spending, which accounts for more than two thirds of US economic activity, increased by 0.6% last month, according to the Ministry of Commerce.
Following the release of American economic data, the dollar increased against its rivals by 0.3%, raising the price of gold for other currencies. The US Treasury’s revenue increased as well.
The Monetary Policy Committee meeting on November 1 and 2 is expected to see a 75 basis point increase in interest rates from the Federal Reserve Council. In December, traders anticipate a further 50 basis points.
Due to the impact of rising alternative opportunity costs to own alloys that do not bring back, as well as the influence brought on by a strengthening of the dollar, gold is particularly sensitive to high American interest rates.
In instant trades, silver declined 2. Compared to other precious minerals. one percent to $19 17 for an ounce.
Platinum dropped 1. 8% more, or $942. 13. 2. Palladium dropped 4% more money, or $1895. 46..
The cost of gold in Egypt on October 31, 2022
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