Gold prices in Egypt continued to rise today, Friday, to record 24 karat an increase of 9 pounds, and 21 karat rose by 8 pounds.
The price of a gram of 24 carat gold during early trading on Friday morning was about 978.31 pounds, compared to 969.25 pounds at the end of Thursday’s trading, achieving an increase of 9.06 pounds.
The price of a gram of 21 carat gold, the best selling in Egypt, rose to 856.02 pounds, compared to 848 pounds on Thursday, an increase of 8.02 pounds.
The price of a gram of 18 carat gold followed the wave of price hikes in the yellow metal market in Egypt, to record 733.73 pounds during early trading on Friday morning, compared to 726.75 pounds at the end of yesterday’s trading, achieving an increase of 6.98 pounds.
It is noteworthy that the announced prices do not include the price of “workmanship”, which varies according to different goldsmiths’ shops, as well as the different regions and gold coins. The price of workmanship ranges between 20 to 30 pounds in Egypt.
Economic gold prices
The price of a gram of 14 carat gold in the Egyptian market was about 570.68 pounds, compared to 565.25 pounds, achieving an increase of 5.43 pounds, and the price of a gram of 12 carat gold jumped to 489.16 pounds at the beginning of Friday’s trading, compared to 484.5 pounds yesterday, an increase of 4.66 pounds, and the price of gram Gold 10 carat is about 407.63 pounds.
The price of an ounce and a pound of gold
The price of an ounce of gold (an ounce) in Egypt recorded today about 30,402.43 pounds (1937.08 dollars), compared to 29,968.19 pounds (1909.41 dollars) at the close of Thursday’s trading.
And about the price of the pound of gold (8 grams of 21 carat), it recorded 6,848.16 pounds (436.33 dollars), compared to 6784 pounds at the end of Thursday’s transactions, an increase of about 64 pounds.
The dollar is stabilizing
The dollar held steady against several currencies on Friday, but traders say it is likely to suffer more losses as the controversial US presidential election dashes hopes of a major stimulus to support the economy anytime soon.
Investors are betting that Democratic candidate Joe Biden will become the next president, but Republicans will retain control of the Senate, making it harder for Democrats to pass a larger fiscal spending package than they were seeking.
Biden maintains the lead against President Donald Trump, but the counting of votes is still ongoing in several important states and Trump is preparing legal objections to the vote count, so there is a high degree of uncertainty.
The dollar index settled against a basket of six major currencies at 92.641, near its lowest level in two weeks.
And for the week, the index is down 1.5% and heading towards the largest decline in nearly four months.
The dollar was trading at 103.46 yen today, near the lowest level in eight months.
Against the euro, the dollar traded at $ 1.1819, after dropping 0.87% in the previous session.
The pound traded at $ 1.3127, sticking to a massive 1.23% gain made on Thursday.
Some analysts say concerns about the US economy are increasing, which is a reason to expect the dollar’s decline to continue in the coming year. The rise in new coronavirus infections to record levels in some states may also hamper economic activity.
The yuan fell slightly in internal trading to 6.6307 per dollar, but it is still near its two-year high, which it reached on Thursday.
Many investors are expecting the Biden administration to slightly reduce the scope of Trump’s trade war with China, which would benefit the yuan.
The Australian dollar also fell against the US dollar after the country’s central bank said it was preparing to expand bond purchases to support the economy if necessary.
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