Egypt – Gold price drop of 5 pounds and 21 karat recorded 701 pounds per gram

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(MENAFN – Youm7) Gold prices in Egypt, today, Monday, at the beginning of the week, recorded a remarkable decline of 5 pounds per gram, as it reached 21 caliber, which is the most popular and best selling in Egypt, 701 pounds per gram, with a decrease in the international prices of the precious metal.

The price of gold today ..

18 gauge 601 pounds per gram

Caliber 21 recorded 701 pounds per gram

Caliber 24 recorded 801 pounds per gram

The gold pound is 5608 pounds

An ounce of gold is $ 1624

Globally, gold prices fell in global markets today, with investors heading to collect cash to compensate for the losses of stock markets that are suffering from the pressure of the Corona virus outbreak despite the monetary stimulus measures put forward by central banks to support the markets.

The price of gold futures fell 0.4% to $ 1646.70 an ounce, and the spot delivery price fell by 0.7% to $ 1617.13.

CNBC News quoted Michael McCarthy, an expert with the CMC investment group, as saying, “The worse the situation, the more tangled the relationship between the stock and gold markets, adding that more deterioration in the global economy will drop gold prices as it will do in the stock markets.” “.

McCarthy explained, “I don’t mean that gold lost its value as a safe haven, but if the situation heads towards more deterioration, the precious metal may turn into a source for collecting cash liquidity and thus undermine its advantage as a haven for investors at a time of crisis.”

Several central banks were quick to take a quick response in order to absorb the economic shock resulting from the outbreak of the Corona epidemic through a package of economic measures valued at a total value of about $ 7 trillion, in order to spare companies to declare bankruptcy and compensate the unemployed in the affected countries.

On the currency front, the main index for the dollar, which follows the performance of the green currency, against six major currencies, rose about 0.5 percent at 98.869.

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