03:01 PM
Friday 04 December 2020
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I wrote – Sherine Salah:
A number of goldsmiths’ merchants are advising consumers to buy gold during the current period, especially after the great decline that occurred in the price of the gram during the past month, with their expectations of rises again in prices in the coming period.
Gold prices in the local market decreased by about 44 pounds per gram during the past month.
Nadi Naguib, former general secretary of the gold division of the Cairo Chamber of Commerce, told Masrawy that this is a better time to buy and keep gold jewelry, especially after the decline in the gram last month.
Nagy Farag, head of the Economic Committee in the Division of Gold Traders at the Cairo Chamber of Commerce, agreed with him, saying that he advises those who want to buy gold to take it as a safe haven or to buy it to be adorned with it to buy nowadays.
Naguib stated that gold will rise again during the coming period, noting that with the occurrence of significant declines in gold on global stock exchanges, investors buy again in large quantities, which leads to a return to its rise, which is reflected in prices in Egypt as well.
Najeeb added that despite the decline in prices to this level, the market buying and selling movement is weak.
Traders expected that the demand for buying would increase during the Christmas period, which would lead to moving the selling process in the gold jewelry market.
The price of a gram of 21 carat gold today, Friday, was 801 pounds, and the price of an 18-carat gram during today’s trading was about 686.6 pounds, and the price of a 24-carat gram was about 915.4 pounds, and the price of a pound of gold was about 6408 pounds.
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