Friday, October 28, 2022, saw a notable surge in the price of gold. After the Central Bank of Egypt declared a 2% hike in interest rates during its meeting yesterday, this increase got underway when the dollar’s value increased in relation to the pound. The central bank’s records also show that during yesterday’s trade, the dollar’s worth relative to the pound grew by 16.3%, which also contributed to the rise in gold’s price.
This rise is due to the influence of gold in Egypt at the exchange rate of the dollar in addition to the price of raw gold in the global stock exchanges, and after the decision to raise the interest, which led to the increase in the exchange rate of the dollar, the gold increased in turn due to this decision.
The electronic daybreak webpage provides you with the current gold prices in Egypt.
The price of gold manufacturer in Egypt varies from one store to another, where the average price of manufacturers and stamping ranges between 30 and 65 pounds, according to the type of gold caliber, and it varies from one governorate to another, and it is calculated by a rate ranging between 7% and 10% of the gram price.
The cost of buying gold is determined by the price per 21-gram gramme, therefore the cost of a gold pound listed at 9600 pounds varies from seller to merchant.
The price of gold decreased by 0.03 percent during trading on Thursday, reaching 1663 dollars an ounce, and prices stabilised at that level today. In contrast, US gold futures increased by 0.1% to 1666.3 dollars, coinciding with the beginning of anticipation for the American central bank meeting next week, which is very interesting about any indicator to raise or reduce interest rates again and the results that this mee.
According to Matt Simson, a City Endex analyst, “the weak dollar and poor returns helped, yes, gold to remain away from its lowest levels, but this is not yet a reason for excessive confidence about gold.”
Following an increase in interest rates, gold prices increased today, October 28, in Egypt.
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