Gold prices in Egypt … 21 carats calm down with the global decline

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Economy

Al Ain News
Gold prices in Egypt stabilized during trading today, Monday, after dropping 3 pounds, affected by the global drop in the price of the yellow metal.

According to the electronic platform “isagha”, which specializes in monitoring gold prices in Egypt and the Arab world through instantaneous surveys among merchants, the price of a gram of 24 carat gold stabilized at 956.5 pounds.

The price of a gram of 21-carat gold, the best selling in Egypt, stabilized at 837 pounds, while the price of a gram of 18-carat gold was about 717.5 pounds.

The price of a gram of 21-carat gold on Sunday was about 840 pounds, while the price of a gram of 18-carat gold was about 720 pounds.

The price of the pound of gold in Egypt stabilized at 6696 pounds, while the price of an ounce of gold in Egypt recorded 1925 dollars.

The demand for gold in Egypt increases when prices fall.

Leaps in the future

The head of the General Division for Jewelry and Jewelry in Egypt expected that the global price of an ounce of gold would rise beyond the $ 2,500 barrier, and the price of gold grams in Egypt would rise during the coming period, bringing the price of a gram of 21 carat gold to about a thousand pounds, in light of the repercussions of Corona.

Earlier expectations from Bank of America suggested that the precious metal could rise to $ 3,000 an ounce.

Ihab Rashad, Vice Chairman of the Board of Directors of Mubasher Capital Holding for Financial Investments, said in previous statements to “Al Ain News” that all indications suggest that the current time is suitable for buying gold, as it has opportunities to rise.

He stressed that the precious metal is now the most prominent store of value in the world, in light of the weakness of the US dollar as well as the return on treasury bills, due to fears of a wave of inflation due to the huge financial aid programs implemented by many countries of the world without being matched by an increase in production.

Gold prices worldwide

Gold retreated globally from its highest level in 3 weeks, as the dollar compensated for some of its losses after a new US rescue package to alleviate the repercussions of Corona faced bipartisan opposition in the US House of Representatives.

Spot gold fell 0.1% to 1927.11 dollars an ounce by 06:29 GMT, after reaching its highest level since September 21 at 1932.69 dollars earlier in the session.

And US gold futures rose 0.5% to 1934.70 dollars an ounce.

“The dollar index rebounded slightly, which put pressure on the precious metal,” said Margaret Yang, an analyst at the DailyFix, which covers trading currencies, commodities and indices.

Gold is considered a hedge against inflation and the currency depreciating, and the yellow metal has gained more than 27% since the beginning of this year, with the support of unprecedented stimulus measures globally to alleviate the economic repercussions of the Covid-19 pandemic.





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