Significant decline in gold prices in Egypt and globally on Wednesday

Gold prices declined on Wednesday in Egypt at the start of trading, with prices declining globally after traders flocked to gold metal as a safe haven against the repercussions of the war between Russia and Ukraine.

Tuesday’s trading saw a marked increase in gold prices after China entered the front line with the US following accusations of Washington’s support for Taiwan, which raised investor fears of a new world war after the spread of international tensions between major countries.

Gold prices rose by about two percent, and international prices had exceeded US$1,950 for both spot and forward transactions but eventually fell.


Gold prices in Egypt on Wednesday:

Gold prices declined in Egypt, impacted by global prices and events, but remains higher than prices on Tuesday.

The 24-karat gold is LE971 to LE972, 21-karat gold is at LE 850 to LE 851, and 18-karat gold is at LE 728 to LE 729, per gram.


Gold prices in the global markets on Wednesday:

Gold prices fell on Wednesday in global markets after the purchasing power of traders declined from over-saturation due to the Russian war on Ukraine and awaiting US economic data, which will determine the date of raising the interest rate by the US Federal Reserve.

Gold prices fell in spot transactions by 0.40 percent and were traded at$1837.88 per ounce.

Gold prices fell in futures contracts during the Asian session for April delivery by 0.27 percent, and they were trading at $1938.5 per ounce.


Gold prices in Egypt and globally on Tuesday:

On Tuesday, global gold prices rose to more than $1,950 for both direct and forward gold prices, and the price of gold futures contracts recorded $1,947.40, an increase of $46.70 from opening prices – rising by 2.46 percent.

In direct trading, gold prices recorded $1,944.27, an increase of about $ 35.22 from opening prices – rising 1.84 percent.

Edited translation from Al-Masry Al-Youm

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