Business hub – cairo
Hani Milad Gayed, head of the General Division of Jewelery and Jewelery at the General Federation of Chambers of Commerce, confirmed that global markets are facing a state of uncertainty due to the failure of the strict policies of the US Federal Reserve towards dealing with persistent inflation, which puts pressure on global stock exchanges and the prices of the precious metal. While the global price fell during the last month in anticipation of the US Federal Reserve’s decisions,
The markets witnessed a significant rise for two consecutive weeks, then prices fell back again, following Powell’s statements about the continuation of raising interest rates to counter inflation. However, global markets are in anticipation and waiting for a new rise that gold may witness due to the return of cryptocurrencies and global stock prices.
And about the movement of prices in the local markets
Prices witnessed relative stability during the past weeks, between a limited increase or decrease, and the price of a gram of 21 karat gold stabilized at 1085 over the past week, While today’s trading movement started with a decrease of 3 pounds, to record the price of 21 grammes, the price of 1082 pounds, the prices returned to an average of 1085 pounds per gram during midday trading, The lack of a decline in the local price, affected by the continuous movement of global markets, is due to the rapid change in the global price on the one hand, in addition to the lack of flow of crude import operations and the high volume of domestic demand on the other hand. What is rumored about the fall in gold prices and the sharp decline in the local markets is nothing but speculation or speculation. Those who repeat it seek to either spread in the media or cause tension in the markets based on lack of knowledge of the working mechanisms of the local market or knowledge of the movement of buying and selling.