In conjunction with the approaching celebrations of Eid Al Fitr, the demand for gold is increasing, due to the popularity of the “network”, and here a large number of followers of the precious metal movement are wondering, where are the gold prices heading in the coming period? Do they continue to rise or return to decline below 700 pounds per gram ?.
The price of gold since the beginning of this year recorded great increases, as a result of the events in the Middle East and the escalation of an American-Iranian in Iraq, and then the emergence of the Corona virus, which raised the demand for the precious metal significantly, which pushed prices to rise by more than 10%.
Here in the goldsmiths market in Egypt, the price of a gram of gold from 21 carat early January 2020 recorded a significant increase from 680 pounds per gram to 745 pounds per gram during today’s trading, but the real gains for gold are not in goldsmiths, but in the gold and alloys, because of the price of workmanship It is deducted upon resale of gold.
The price of the gold pound increased by 520 pounds, as its price rose from 5440 pounds during the first week of January 2020 to 5960 pounds during the trading day today, May 2.
The question here is, will gold drop or rise in the coming period? Here, Hani Gayed, head of the gold division in the Chamber of Commerce, responds by saying, “The current trend of the world price is the rise due to the turmoil in the markets caused by the outbreak of the Corona virus, and the price of an ounce of gold exceeds 1700 dollars, which is Relatively high price. “
The head of the gold division added to “The Seventh Day” that the average global price movement is related to exchanges and economic activities, and any movement in the price of an ounce of gold globally affects gold in Egypt, but gold moves in the range of 20 to 40 dollars, which is the range in which the ounce moves, which is What affects 2% in prices.
Asked about prices in Egypt, Hani Gayed believes that they will not retreat in the near future in light of this rise in the international price, but if a vaccine or drug appears to treat the Corona virus, a decline in prices is expected globally, and then prices fall in Egypt.
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