Gold price falls by LE2 on Wednesday

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