Despite its losses globally, a gram of gold makes 7 pounds in the Egyptian market

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Cairo – Mubasher: The price of a gram of gold in the Egyptian market achieved weekly gains of 7 pounds per caliber, despite its weekly losses in the global market, which approached $ 89 at the end of last Friday’s transactions, according to a member of the Golden Jewelry Division.

Ehab Wasef said, in a telephone conversation with “Mubasher”, today, Sunday, that 24 caliber recorded 882 pounds, while 21 caliber reached about 772 pounds, noting that 18 caliber reached 662 pounds.

A member of the Goldsmiths Division pointed out that the price of the gold pound recorded 6176 pounds.

Trading in gold begins in the global market from Monday to Friday, with Saturday and Sunday an official holiday.

He attributed the price increase in the current period, as a result of the high exchange rate in the local market and the fall of the Egyptian pound, against the US dollar.

Globally .. Gold prices fell more than $ 44 when settling transactions today, Friday, after the release of the monthly jobs report in the United States, to record strong weekly losses.

The US jobs report showed that the United States economy added 2.5 million jobs to the US job market in May, contrary to analysts’ expectations, which led to a decline in the unemployment rate to 13.3 percent.

Whereas, the wages of workers in the United States declined during last May.

The drop in precious metal prices comes amid hopes of a global economic recovery, which reduces investor appetite for safe assets.

Investors moved away from holding gold in favor of risky assets, with gains in the US stock market, as Dow Jones gained about 1,000 points during trading.

When the session was settled, the price of gold futures contracts for August delivery fell by 2.6 percent, or $ 44.40, to $ 1683 an ounce, at the lowest level of this most active contract since April 3.

The yellow metal recorded weekly losses of about 3.9 percent, or $ 68.7.

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