Global gold prices stabilized to trade near yesterday’s levels, in light of anticipation of developments in the markets, as US sanctions on Russia and the possibility of imposing new restrictions on Chinese exports increased geopolitical risks, which may have enhanced demand for safe haven assets.
Gold prices in Egypt today:
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Today’s price of 24 karat gold: 6,400 pounds per gram. -
Price of 21 karat gold: 5,600 pounds. -
Price of 18 karat gold: 4800 pounds. -
The price of the gold pound today in Egypt: 44,800 thousand pounds.
The price of an ounce of global gold rose today by 0.6%, reaching the highest level at $4,137 per ounce, and is currently trading at $4,133 per ounce, according to Gold Billion.
Yesterday, the price of gold declined and recorded its lowest level in a week at $4,004 per ounce, before it rebounded higher from this level, trimming its gains, and closing near the level of $4,100 per ounce, which helped the price recover in a limited way today to trade above this level.
Gold is trying to regain its balance after the technical and very necessary decline that it witnessed during the past two days, and although geopolitical risks would maintain the demand for safe havens, it was less inclined to sharp fluctuations in its reaction to the news.
The Trump administration is currently considering a plan to curb a range of software-based exports to China, from laptops to aircraft engines, in response to Beijing’s latest round of restrictions on the export of rare earths.
On the other hand, US President Donald Trump imposed sanctions on Russia related to Ukraine for the first time in his second term, which brought tensions back to the gold market, which is considered a safe haven in the financial markets.
New Western sanctions on Russia have increased the risk appetite. On Wednesday, the United States imposed its first Ukraine-related sanctions this year on the two largest Russian oil companies, Rosneft and Lukoil.
