Gold prices rose in early trading on Friday by about two pounds with the continued fluctuation in the price of the yellow metal with expectations that it will end 2020 by achieving new highs.
Gold prices today in Egypt
Caliber 18: 682.25 pounds per gram
Caliber 21: 796 pounds per gram
Caliber 24: 909 pounds per gram
Gold Pound: 6368 pounds
World Gold Price:
Gold prices turned higher at the end of trading on Thursday, after a volatile session with the fluctuation of the performance of the US dollar during trading and in conjunction with stock gains.
And economic data revealed that the US labor market added 4.8 million jobs during the past month by more than expected, while the average wages of workers in the United States declined during the same period.
Unemployment claims in the United States exceeded estimates during the past week, while the US trade balance deficit increased by about 10 percent as exports fell.
On the other hand, the US House of Representatives yesterday passed legislation punishing banks that deal with Chinese officials in favor of the National Security Law that came into effect in Hong Kong last Tuesday and about 370 people were arrested yesterday.
Upon settlement, the price of gold futures for August delivery rose by 0.6 percent, or $ 10.10, to the level of $ 1790 an ounce, after recording the level of $ 1766.30 an ounce.
By 5:55 pm GMT, the spot price of yellow metal rose 0.4 percent to $ 1777.28 an ounce.
At the same time, the main index of the dollar, which follows the performance of the American paper against 6 major currencies, increased by 0.07 percent to 97.261.
Gold price forecast for 2020:
“Gold is still the only primary commodity that has shown a positive return so far in 2020, according to CNBC,” Olli Hansen, head of commodities strategy at Sasco Bank, said in a note to clients on Thursday.
Hansen stated that gold prices would ultimately reward the “patient investor”.
He added, “Hansen” that there are many reasons to believe that gold will reach $ 1,800 an ounce again this year with a new record high will follow in the coming years, but he did not provide specific expectations for this expected record rise.
The “Hansen” that the reasons for supporting the rise in gold in the second half of the year included a “political need” to accelerate inflation to support levels of debt and an increase in global savings in addition to geopolitical tensions before the US presidential elections in November.
Hansen said a positive change in basic or technical forecasts would likely force investors to return to the market.
Note: the content of this news was written by Daybreak And does not express a point of view Egypt today But it was transferred with its content as it is from Daybreak We are not responsible for the content of the news and custody of the previous source.