A sharp drop in the price of gold in Egypt … and the gram falls 20 pounds today

02:29 PM

Friday 13 March 2020

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I wrote – Shaima Hefzy:

Gold prices in Egypt continued their sharp decline for the fourth consecutive day, as the gram lost about 20 pounds once today, Friday, and the gram lost about 33 pounds in less than a week.

And gold had lost 7 pounds per gram, in transactions yesterday, amid the closure of shops and goldsmiths, with a wave of bad weather and storms hitting the governorates of Egypt.

The Club Naguib, Secretary General of the Gold Division of the Cairo Chamber of Commerce, told Masrawy that the price of a 21-gram gram of gold continued to decline, recording today 701 pounds per gram from 721 pounds yesterday.

The price of 24 carat gold fell to 824 pounds, 18 carat to 618 pounds, and the gold recorded 5768 pounds.

The price of gold fell today by about 33 pounds, from the highest record price recorded last Monday, as the price per gram reached 734 pounds.

Najib pointed out that the goldsmiths shops closed for the second day due to bad weather and rains hitting the country.

Globally, gold rose slightly Friday, but the yellow metal is still headed for the worst weekly performance in more than three years.

Investors are assessing the economic damage caused by the outbreak of the Corona virus, while financial markets have stabilized slightly after the turmoil.

Palladium, used for self-stimulation, also rose by as much as 8 percent, after dropping nearly 28 percent on Thursday in light of a global selling wave. But it is heading towards its biggest ever weekly drop.

For the week, the precious metal fell 5.1%, the biggest drop since November 2016, including Thursday’s decline of 4.5%, and US gold futures fell 0.1% to $ 1,589.20.

“The recovery after the panicked sell-off in all asset classes has also supported precious metals,” Gigar Trevidi, commodities analyst at Anand Rathi Shares and Brokerage in Mumbai, told Reuters, adding that concerns about the wider spread of the virus provided support for the yellow metal.

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