12:32 PM
Saturday 22 February 2020
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I wrote – Sherine Salah:
Gold prices in Egypt jumped today, Saturday, by 7.5 pounds per gram, driven by the increase in global crude prices to their highest levels in seven years.
The price of a 21-gram gram of gold in Egypt today reached 707.5 pounds, compared to about 700 pounds yesterday, according to what Naguib Club, Secretary General of the Gold Division of the Cairo Chamber of Commerce told Masrawy.
The price of a gram of 18 carat gold rose today to 606.4 pounds, and 24 carats to 808.5 pounds, while the price of a pound of gold recorded 5660 pounds.
Globally, gold prices reached their highest levels in seven years yesterday, heading towards recording the best weekly performance in a month and a half.
According to data from the US Bloomberg Agency, the world gold price yesterday closed at a rise of 1.47% per ounce to record 1643.4 dollars.
The increase in the price of the yellow metal globally, at a time when the demand for safe haven assets was supported by a rise in the number of new cases of coronavirus in South Korea, according to Reuters.
“It appears that the main focus of gold is on the uncertainty surrounding the virus … and its spread throughout the world,” said John Sharma, economist at the National Bank of Australia, adding that the impact of the epidemic on tourism, travel and growth is fueling demand for the yellow metal.
Today and tomorrow is an official holiday on the global gold exchanges
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