Value of gold in Egypt, Thursday:
The global value of gold has begun to rise, since Wednesday, following the Federal Reserve chairman’s remarks on the fate of the interest rate at the December meeting.
He expected the speed of interest rate increases to slow and, as a result, the value of an ounce of gold rose globally, registering $1,777 consistent with an ounce, to $1,749 before the filings.
According to the US platform “FX Street”, in an environment where global expansion is heading towards its lowest levels, value fluctuations peak and threat sentiment rises, the US dollar is expected to weaken in 2023.
A weaker US dollar would be positive for gold, as gold is expected to remain on the defensive in early 2023, with a bullish outlook expanding early in the year.