Daily market report
June 23, 2023
Bank of England surprised market participants with a 50bps rate hike while forecasts only pointed to 25 bps.
Why is gold a safe house?
Gold is a safe house for individuals and countries as well, where gold is a store of value and enjoys the stability of its properties as a metal and cannot lose its value with time. It cannot be controlled by any state or organization because of a force affected by ASK and BID.
The gold market enjoys high liquidity compared to the currency market and can be bought and sold at any time, whether in the stock exchange or in shops, it is traded all over the world for easy dissolving and assortment of any shape you desire while preserving its value. Gold is included in many industries, the most famous of which is jewelry, which is the most widely traded method for the presence of gold in it.
Gold prices against the dollar are opposite, If the dollar falls, gold will rise and vice versa, and investors consider it the safest metal among other metals.
The World Gold Council clarified in 100 countries with the largest gold reserves, seen by “Shafaq News” agency, that ” United States” took the lead in the largest gold reserves in the world during the first half of 2021 with a reserve of 8.133 thousand tons, and in the Arab world, Saudi Arabia came It is ranked first and 18th in the world, with a reserve of 323 tons.
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