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The dollar exceeds 23 pounds in future contracts… and gold is at the top of a month

While the Egyptian pound is falling to its lowest level in more than 5-1/2 years in spot contracts, it appears that the prices of the yellow metal in the Egyptian market have been pushed higher in light of the rise in gold prices globally.

Along with the rise in the spot exchange rate of the dollar against the pound, the dollar recorded a new historical high against the Egyptian pound in futures contracts, exceeding levels of 23.7 pounds to the dollar.

According to the data of the Central Bank of Egypt, the exchange rates of the dollar officially against the pound rose to levels higher than 19 pounds to the dollar, an increase of about 21% compared to what it was on March 21 last.

The Central Bank of Egypt had decided to liberalize the exchange rates on March 21, with an increase in interest rates by 200 basis points, which was followed by another increase by 100 basis points, coinciding with inflation exceeding the targets of the Central Bank of Egypt.

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gold now
According to the spot prices of gold in the Egyptian pound XAU/EGP , the price of an ounce of gold rose to levels of 33,668.49 pounds per ounce, an increase of about 0.5% during Monday’s trading.

The current levels are the highest for spot gold prices in the Egyptian pound since the July 5 session, when it rose to levels of 34,000 pounds per ounce.

In the global market for metals, the price of an ounce of gold rose to levels of 1786 dollars an ounce during these moments of trading on Monday, an increase of 0.2%, while gold approached levels of 17903 dollars an ounce during trading.

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dollar now
And the spot contracts for the Egyptian pound against the dollar in the forex market USD/EGP recorded an Egyptian dollar , at levels of 18.9800 pounds to the dollar, with an increase of about 0.2% during these moments of Monday’s trading.

On the other hand, the futures contracts for the pound against the dollar recorded new record levels, the lowest ever, as the dollar exceeded the levels of 23 pounds for the dollar in future contracts for a year.

According to a tweet on Twitter, the exchange rate of the pound against the dollar in futures contracts is a “one-year contract” at a historical high of 23.70 pounds per dollar, Ibrahim Al-Nimr, head of the technical analysis department at Naeem Securities Brokerage Company, said according to a tweet on Twitter.

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Al-Nimr added here that the price building refers to an agreement between two parties for a period of one year. The buyer agreed to buy the dollar against the pound at an exchange rate after a year of 23.70 pounds. On the maturity date, the financial settlement is made on the basis of the difference between the official exchange rate and the agreed exchange rate.

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gold journey
Gold prices rose today, Monday, in the Egyptian goldsmiths market, to record the most prevalent 21-carat gold, at 1040 pounds, after recording the price of 1035 pounds.

And 24 karat gold recorded a price of 1188.5 pounds, after it recorded 1182.75 pounds, while 18 karat gold recorded a price of 891.5, after it recorded 887.25 pounds, and the price of the gold pound today was 8320, after it recorded 8280 pounds.

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The price of 21 karat gold jumped after the US Federal Reserve’s decision and the release of GDP data, coinciding with the strong rise of the yellow metal in the global market.

For the first time in more than a month, it exceeded the levels of 1,000 pounds per gram of 21 carat, while it has now reached levels near 1,050 pounds per gram, coinciding with the arrival of an ounce of gold globally to levels near 1,800 dollars.

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pound trip
In March 2022, specifically on the 21st, the Egyptian pound fell within 17%, from levels of 15.65 pounds to the dollar to levels of 18.3 pounds to the dollar,

Since he decided to liberalize the exchange rates, the damage that the Egyptian Central Governor described as correcting prices, the Egyptian pound has fallen against the dollar within the range of 21%, down from levels near 15.65 pounds / dollar to levels of 19 pounds per dollar.

With a new liberalization of exchange rates, the customs dollar base was restored, which rose to 16 pounds, and in the following month 17 pounds, and then the last increase was approved, which amounted to 18.6 pounds to the dollar.

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