02:23 PM
Friday, January 31, 2020
–
I wrote – Shaima Hefzy:
Gold prices in Egypt jumped 16 pounds per gram during the month of January 2020, in an atmosphere that helped to raise the prices of the yellow metal globally.
The price of a gram of gold in Egypt today, Friday, January 31, 2020, amounted to 694 pounds for the 21st caliber, compared to 678 pounds per gram in the first days of the new year.
The price of a gram of 18 carat gold rose during the month of January to 594.9 pounds, and 24 carats to 793.2 pounds, while the price of a pound of gold recorded 5552 pounds.
The yellow metal prices worldwide witnessed great strides during the first month of the year, as a safe haven, due to the tensions in the Middle East region (between America and Iran) and the fear of the spread of Corona virus that appeared in China.
During today’s trading, gold prices fell globally, after the World Health Organization reassured about the measures China is taking to confront the virus, which has spread to 16 countries around the world.
The gold prices in Egypt during the year rose by about 39 pounds per gram in 2019, by 6.1% per gram of 21 karat, compared to the end of 2018.
The increase comes amid expectations of a rise in the yellow metal this year, as investment bank Goldman Sachs expects the global ounce to reach $ 1,600 in 2020.
The bank said that the demand for the yellow metal as an investment tool will be supported by recession fears and political uncertainty, according to Reuters.
– .
