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A new “crazy jump” in gold prices

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Gold prices continued to rise, Monday, driven by an increase in the price of an ounce globally, and the 21-gram gram in the local market recorded 867 pounds per gram, compared to 846 pounds last Saturday.

The local market opened at the beginning of the week’s trading, an average increase of 20 pounds from the closing price last Saturday, where the price of 21 carat gold, the most common and locally traded, recorded 867 pounds per gram, and 24 carat recorded 991 pounds against 966 pounds, and 18 carat record 743 pounds against 725 pounds, and the gold pound rose from 6768 pounds to 6936 pounds.

Ihab Wasef, deputy head of the jewelry trade division of the Federation of Chambers of Commerce, said that the price of gold recorded yesterday is the highest locally and globally ever, thus breaking the 1900 point, which is a great price resistance point, which means a new start in prices and entering into advanced price stages.

“Wasif” linked the price boom to the collapse of the dollar exchange rate against the euro to the lowest level in four months, as it collapsed against the Swiss franc to the lowest level in five years, expectations of a slowdown in the US economy in light of the spread of the Corona virus, and the lack of investor confidence in the solutions provided by the US federal, the matter That led investors to refrain from the dollar and turn their financial solvency towards the precious metal as a safe haven, explaining that silver prices also increased by 6% to reach $ 24.2 an ounce.

Globally, gold prices continued their “insane” rise to the highest price, and global stock exchanges opened trading at dawn yesterday at a price of 1942 dollars an ounce, but it decreased again to record 1933 dollars, then rose again to record 1942 dollars against 1900 dollars last Saturday.

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