And it slipped gold prices In Egypt, at a value of 10 pounds today, Saturday, surprisingly, in conjunction with the continued decline in the global price of an ounce of gold, which fell from 1805 to 1789 dollars until the drafting of this report, with investors heading towards stocks and the dollar as an alternative to gold and other precious metals.
The price of a gram of gold today decreased from 790 pounds per gram, in Friday’s trading, to 780 pounds per gram in Saturday’s trading, at the lowest price of gold in Egypt since last May, and during the current week gold fell nearly 39 pounds per caliber in the goldsmith’s market. Which could lead to a rebound in affected sales since the start of the coronavirus pandemic.
Globally, the precious metals, stock exchanges and stocks were also affected by the financial stability report from the European Central Bank, durable goods orders, new home sales in the United States, income and personal spending indicators, personal consumption expenditures price index in the United States, second estimates of US GDP (third quarter) and the trade balance of goods. .
Also, the announcement of the status of US unemployment benefits, wholesale stocks, University of Michigan surveys of confidence, the US Federal Reserve Committee meeting minutes and the announcement of the New Zealand trade balance, all these events affected gold to remain unable to exceed current levels during the past three days.
The return of the rise in gold again is expected, with the approaching approval of a new package of financial support to save the American economy from the repercussions of the Corona virus, at the medium level, which the US government is scheduled to begin attempts to pass in January, with the new US President Joe Biden assuming office.
For the next two to buy the network It is now possible to buy gold and take advantage of the great decline in gold, which approached 40 pounds per gram, especially here that the purchase is not for the purpose of investment.
As for those who intend to buy gold for the purpose of investment, the decision to buy can be postponed now, pending what the events will result in during the coming period, especially with the investors’ desire to get rid of safe havens with the announcement of pharmaceutical companies that they will reach a vaccine to treat the Corona virus.