At 11:28 PM
January 17, 2021
Gold prices in Egypt stabilized in evening trading today, Sunday, after Egyptian President Abdel Fattah Al-Sisi decided to establish an integrated city for the gold industry.
It is planned to establish an integrated city for the gold industry and trade, according to the latest technologies, to develop this delicate craftsmanship to reflect the country’s ancient civilization history.
Gold prices in Egypt today … 21 carat continue to fall “an opportunity to buy”
The city is an attractive factor for investors in the yellow metal, as it will provide industry and production supplies, high-end exhibitions, and training workers to hone their capabilities.
Naguib Club, former general secretary of the Gold Merchants Division of the Cairo Chamber of Commerce, said in press statements that now is the time to buy, so that investors benefit from the significant decline in prices in preparation for reaping profits if prices rise again.
Gold prices in Egypt today … 21 carat record a historic low
The price of a gram of 24 carat gold in Egypt in Sunday evening trading was about 917.75 pounds, while a gram of 21 carat gold scored about 803 pounds.
As for the price of a gram of 18 carat gold, it was recorded in Egypt about 688.25 pounds.
The price of a gram of 22-carat gold was about 841.25 pounds, while a gram of 14-carat gold recorded about 535.25 pounds, and a 12-carat gold gram scored about 458.75 pounds, while a gram of 9-carat gold scored about 344.25 pounds.
As for the price of the gold pound (8 grams of 21 carat), it was recorded in Sunday evening trading, about 6424 pounds.
Global gold prices witnessed strong support last week, after US President-elect Joe Biden announced his plan to stimulate the economy, worth $ 1.9 trillion, which affects inflation rates and pushes investors to hedge in safe investment havens such as gold.
Some experts believe that the announcement by Jerome Powell, President of the US Federal Reserve (the central bank), to exclude any recent increase in interest rates, may curb the rise in gold prices during the coming period, but its luster still shines in the eyes of investors.
Some investors turn to the cryptocurrency Bitcoin as a profitable investment, especially after its price rose to a record high of $ 42,000 and then bounced back to the level of $ 38,278, but some see it as a high-risk investment, preferring gold as a safe vessel that preserves value.
Most of the investors prefer to buy 21 karat gold to save the savings value, especially during times of crisis, because the 21 karat gold artifacts are usually soft and their designs are simple and uncomplicated, and therefore they do not preserve their value because they do not need large workmanship and do not carry stones or have many spaces.