Gold price falls by LE2 on Wednesday
- Date: 02-Nov-2022
- Source: Egypt Independent
- Sector:Financial Markets
- Country:Egypt
Gold price falls by LE2 on Wednesday
The price of gold on Wednesday fell by LE2 per gram in conjunction with the rise in the price of the US dollar, after the Central Bank of Egypt rose the interest rate 200 basis points on Thursday.
Gold prices on Wednesday in Egypt:
The 24-karat gold recorded LE1,406 per gram
The 21-karat gold recorded LE1,210 per gram
The 18-karat gold recorded LE1,060 per gram
The 14-carat gold recorded LE700 per gram
The price of the gold pound recorded LE9,840.
Gold Price Forecast
Gold experts and jewelers expected that the price of gold will witness a noticeable rise after the rise in the price of the US dollar in the black market, while gold is now also witnessing a rise at the global level.
On the global market, the price of gold rose, Wednesday, in futures contracts, to record US$1856.55, up by 0.54 percent, while the spot contracts for gold rose to record $1655.30, up by 0.46 percent.
Improvement by 2023
The outlook for gold could improve early next year as tight financial conditions begin to seep through the real economy, adding to downside risks for both the US and the global economy.
Monetary policy operates with a long and variable lag, indicating that the full negative impact of the Fed’s raising