Contrast in gold prices in Egypt due to the dollar and expectations of a temporary recovery in sales

The past week of the gold market witnessed a noticeable rise in prices at the end of the week, as gold rose from Wednesday to Saturday at a value of 18 pounds per gram, after the price of a gram of 21 carat gold, which is the most popular in the goldsmiths market, rose from 820 to 838 pounds per gram at the close of transactions.

The price of gold over the course of the week witnessed a state of stability at 833 pounds per gram over the course of Monday and Tuesday, then took a way to decline, recording 827 pounds on Wednesday morning, then fell to 820 pounds at the close of the trading on Wednesday 7 October, due to the decline in international gold prices, to below 1900 Dollar, as a result of the good performance of the American currency.

With the return of the dollar to decline due to the state of weakness in the performance of the markets, the demand for safe havens increased again, and gold rose 1.5%, heading towards achieving the second consecutive weekly gain, as the attractiveness of the yellow metal increased as a hedge against inflation, due to renewed optimism about a new US aid package to mitigate From the repercussions of the Corona virus.

The goldsmiths market in Egypt has witnessed a recovery in demand for gold, with prices dropping below 820 pounds per gram, but traders believe that the recovery in gold sales will be temporary with expectations of a poor performance in terms of sales this year.


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