The price of gold in Egypt Today, Wednesday, February 12, 2025
The global price of gold
Gold prices fell on Wednesday to the levels of 2885 dollars per ounce, down from an all-time high in the previous session, as Fed Chairman Jerome Powell's hawkish comments reinforced views on cutting interest rates more slowly this year, as Powell said that the economy is in a good position and that the Fed is in no hurry to cut interest rates further, but is ready to do so if inflation falls or the labor market weakens.
While investors are waiting for the main US inflation report today, Powell is scheduled to testify before Congress later in the day as well.
The price of gold in Egypt
On the other hand, gold prices in Egypt fell slightly on Wednesday, as the 21st highest traded gold in Egypt set a new record, reaching levels of 4070 pounds.
The price of 24-carat gold in Egypt also recorded declines today towards the levels of 4651 pounds, while 18-carat gold is trading at the levels of 3489 pounds per gram.
The dollar rose strongly on Wednesday to exceed the barrier of 50 pounds down to the levels of 50.10 pounds, and the dollar price within Official banks rose to the levels of 50.74 pounds, also the dollar prices on the black market inside Egypt rose to approach the levels of 51 pounds down to 50.99 pounds.
