Gold prices in futures contracts continued to decline on Tuesday while the price of gold rose in spot transactions, after falling sharply in the middle of Monday’s trading following the fourth round of negotiations between Russia and Ukraine.
The rise in gold transactions came after the failure of those negotiations to make positive results between the two parties.
Gold prices fell in futures contracts for April delivery due to concerns about the high opportunity cost of the gold holder after raising the interest rate during the US Federal Meeting on Wednesday and Thursday.
Futures contracts fell by 0.27 percent and were traded at US$1955.60 per ounce, while the price of gold in direct transactions rose by 0.18 percent and was traded at $1954.22 per ounce.
The war between Russia and Ukraine caused sharp changes in the price of gold between a great rise and a great decline, determined by the headlines about the Russian invasion of Ukraine and its impact on the global economy.
Gold prices in Egypt on Tuesday:
Gold prices in Egypt rose by about LE20 at the beginning of trading on Tuesday, in response to the rise in the price of gold globally in spot transactions.
The local rise rate was greater than the global rise due to the developments of the Russia and Ukraine conflict and their impact on investors’ fears of the repercussions of the war, and resorting to buying gold as a safe haven against the dangers of war.
- The price of 24 carat gold recorded LE 1018.
- The price of 21 karat gold recorded LE 891.
- The price of 18 karat gold recorded LE 763.
- The price of the gold coin in Egypt recorded LE 7,128.
Global gold prices on Tuesday:
Gold prices rose globally in spot transactions with the beginning of trading on the global stock exchange with investors resorting to buying gold as a safe haven against war with increasing fears of the world entering into a third world war due to Russia’s insistence on continuing the invasion to Ukrainian lands, and the entry of America and Britain on the line of military support to Ukraine to confront Russia.
On the same front, gold prices fell in future contracts for April delivery, with investors tending to sell them and wanting spot contracts, as gold prices in futures contracts for April delivery fell by 0.27 percent, and they were trading at $1955.60 per ounce, while gold prices in direct transactions or contracts rose by 0.18 percent, trading at $1954.22 per ounce.
Gold experts expect significant changes in gold prices during the coming period, which are determined by the events of the Russian war on Ukraine, as well as the application of raising the interest rate by 25 points, according to the previous decision of the US Federal Reserve, scheduled to start application on Wednesday.
Edited translation from Al-Masry Al-Youm
