Gold prices rose at the beginning of trading today, Wednesday 10-25-2023
Gold prices in Egypt witnessed an increase at the beginning of trading on Wednesday, with the price of the dollar falling to its lowest level in a month.
Gold prices in Egypt:
Price of 21 carat gold: 2505 pounds
Price of 24 karat gold: 2863 pounds
Price of 18 karat gold: 2147 pounds
Price of 14 karat gold: 1648 pounds
The price of the gold pound is 20,040 pounds
Gold prices globally:
Gold prices rebounded with the decline in standard US Treasury bond yields and investors awaited economic data for indications about interest rates in light of the increasing tensions in the Middle East.
Gold in spot transactions rose 0.3% to $1,977.79 per ounce by 07:12 GMT, while US gold futures rose 0.1% to $1,989.
Ten-year US Treasury bond yields fell after briefly exceeding 5% on Monday, further threatening an economic slowdown due to rising borrowing costs.
Gold is considered a safe investment in times of crisis, and has risen about 9% in the past two weeks due to war-related fears, hitting a five-month high on October 20.
Markets are awaiting global purchasing managers’ indices scheduled to be released later today, the third-quarter GDP data in the United States on Thursday, and the US personal consumption expenditures price index on Friday to assess the extent of their impact on the US Federal Reserve’s monetary path.
As for other precious metals, the price of silver in spot transactions jumped 0.9% to $23.20 per ounce, platinum increased 0.2% to $898.52, and palladium rose 1.3% to $1,132.84.