The gold market in Egypt witnessed stability today, Wednesday, after prices rose significantly yesterday, as the increase recorded about 40 pounds. This comes amid the effects of an ounce of gold rising globally to $3,960, the lowest level witnessed during the current month of October, as prices are affected by international and local markets at the same time, which makes monitoring prices essential for investors.
Gold prices vary according to different karats today, as the price of 24 karat reached about 6,091 pounds, while the price of 21 karat reached about 5,330 pounds, and the price of 18 karat reached 4,569 pounds, in addition to the price of the gold pound reaching 42,640 pounds. These prices express the continuous changes in the gold market and always need careful monitoring to avoid potential losses.
Gold’s decline and negative correction movement continued, as it recorded its lowest level in three weeks, after closing its trading below the main support level of $4,000 per ounce, and with expectations of falling prices, the price may be heading towards a downward target at $3,850 per ounce, which makes many investors in a state of anticipation for upcoming economic events.
Tensions in trade relations between the United States and China, in turn, contribute to the decline in the price of gold, as we witnessed a decrease in purchasing flows for gold as a safe haven, after senior economic officials from both sides discussed the framework for the trade agreement, which means that the repercussions of these talks will affect the gold markets in the coming period.
