Gold prices fell in the Egyptian market on Wednesday morning, November 17, 2021, with a value of 3 pounds per gram.
And recorded gold prices in Egypt today:
– 21 caliber, about 810 pounds.
18 karat, about 694 pounds.
24 caliber, about 926 pounds.
The gold pound recorded about 6,480 pounds.
Ehab Wassef, Vice President of the Gold Division at the Cairo Chamber of Commerce, said in previous statements to “Fourals.com” that so far there are no economic indicators that could affect global gold prices and thus reflect locally, so the time is currently very suitable for those who want to buy gold. .
This comes against the backdrop of an increase in global gold prices, by 1.96%, to end the week’s trading above the level of $1,800 an ounce, with the dollar’s rise.
And gold prices took an upward trend at the beginning of this week, due to the tendency of investors to invest in gold as one of the safe haven assets.
Despite this, prices fell ahead of the FOMC meeting, as investors waited for signs that the Fed would start reducing asset purchases, raising interest rates in the future, and then rising again as investors digested the FOMC results.
The US dollar index ended the week’s trading with a gain (+0.21%), amid many events affecting the market during the week.
The dollar fell at the weekend against its main rivals, then rose before the FOMC meeting, but trimmed its gains immediately after the meeting, as policymakers at the Federal Reserve assured markets that they will not rush to raise interest rates even as the start of the end of the economic stimulus packages that they had It was approved to deal with the repercussions of the Corona virus crisis.
At the end of this week, the dollar was virtually unchanged during Friday’s trading session, with the dollar posting losses in the latter session roughly equal to the early gains it made before the strong US jobs report.
The Euro index was almost unchanged (+0.08%) as it was significantly affected by the strength/weakness of the dollar index during the week. In contrast, the Sterling Pound fell by (-1.34%) on the back of the dollar’s strength, and on the back of the Bank of England’s continued tendency towards easing monetary policy , while keeping interest rates unchanged.
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