Gold continues to decline by the end of today’s trading, Thursday 18-5-2023

Gold prices continue the series of decline, and “Sada Al-Balad” provides a detailed bulletin about gold prices, to complete the buying and selling operations, for evening transactions in Egypt.

Gold prices have decreased today in Egypt, which citizens are looking for, in order to reach the best price for gold artifacts, and to compare them with market prices, especially those who are about to get married and betrothed.

Average gold prices today in goldsmiths’ shops in Egypt, without workmanship

24 karat gold

24 karat, sold for 2,503, bought for 2,526 pounds

22 karat gold

22 carat, sold for 2,294, bought for 2,315 pounds

21 karat gold price

21 karat, sold for 2,190, bought for 2,210 pounds

18 karat gold

18 karat, sold for 1,877, bought for 1,894 pounds

14 karat gold

14 karat, sold for 1,460, bought for 1,473 pounds

12 karat gold

12 carat, sold for 1,251, bought for 1,263 pounds

An ounce sold 77,839, buying 78,550 pounds
Gold pound sell 17,520 buy 17,680 pounds
Selling 2,502,857 kilos, buying 2,525,714 pounds

The price of gold in Saudi Arabia

Unit SR American dollar
24 karat gold price 236.15 riyals $62.97
22 karat gold price 216.47 riyals $57.72
21 karat gold price 206.63 riyals $55.10
18 karat gold price 177.11 riyals $47.23
14 karat gold price 137.75 riyals $36.73
12 karat gold price 118.07 riyals $31.48
Gold ounce prices 7,344 riyals $1,958
Gold pound prices 1,653 riyals $440.79
Price per kilo of gold 236,148 riyals $62,968
The latest update of gold prices today in Saudi Arabia // Prices are in Saudi riyals

The gold price in UAE today

Unit The price of gold in UAE dirhams
24 karat 243.00
22 caliber 222.75
21 caliber 212.75
18 karat 182.25
14 karat 141.75
12 karat 121.50
ounce 7,562
gold pound 1,702
kilo 243,143
Gold prices may vary from one goldsmith to another / prices are in UAE dirhams

Gold prices continued to incur losses for the third consecutive session, as gold prices recorded a significant decrease in trading today, Thursday; In conjunction with the rise in the US dollar index, in addition to the rise in US Treasury bond yields, in light of the markets’ anticipation of the release of unemployment benefits data for the US for this week, which is scheduled to be issued today, which may have a clear impact on the trading of both the US dollar and the gold metal.

During today’s trading, spot gold contracts decreased by 0.21%, to settle at $1,977.59 an ounce, in addition to a decline in gold futures contracts by 0.34%, recording about $1,996.90 an ounce.

And gold prices recorded a clear decline during today’s trading, due to the rise in the US dollar index, which measures the performance of the US currency against a basket of six other major foreign currencies, similar to the existence of an inverse relationship between the two parties, as it is known that the rise of the US dollar negatively affects commodity prices. In this context, the US dollar index increased by 0.22% and settled near the level of 102.955 points, which negatively affected the performance of gold.

Also, the rise in US bond yields had a clear reason for the decline in gold prices during today’s trading, and at the same time, the US bond yields for 10 years increased by 0.28% and reached 3.592 points, in addition to the rise in yields of US bonds for 20 years by 0.15% and recording about 3.9880 points, which reinforced pressure on gold prices and pushed it to continue the bearish momentum.

In addition, the markets are still awaiting the release of the US unemployment claims data for this week, which is scheduled to be released later today, which may have an impact on the upcoming US Federal Reserve decisions regarding interest rates, and then this will be reflected in the movements of the US dollar and gold prices.

Looking at the prices of other precious metals other than gold, we find that spot silver contracts fell by 1.10%, and recorded about $23.49, and at the same time; Palladium prices fell by 1.07% and settled at $1,471.69, in addition to platinum prices declining by 0.65%, reaching $1,066.97.

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