Ehab Wasef, Vice President of the Gold Division, said that gold prices in Egypt today recorded a drop of 6 pounds, despite the high gold prices globally, due to the decline in demand for the precious metal in the goldsmiths market in Egypt, where the market is witnessing a significant decline in the movement of buying gold.
“Wasef” added, in statements to “The Seventh Day”, that the price of gold today, 21 carat, recorded a value of 706 pounds per gram, pointing out that gold prices globally exceed 1616 dollars an ounce so far, but the falling demand for the precious metal in Egypt causes this Price drop.
He pointed to the high price of gold, about 4% this week, to continue its gains, following unprecedented measures by the Federal Reserve Board (the American Central Bank) to support the economy, which suffers from the Corona virus, to stop the exodus of liquidity.
Wasef explained that the gold shops in Egypt stop during Friday and Saturday, in implementation of the cabinet’s decision, provided that it will resume its activities on Monday, so that the total working days of the gold market will be 4 days only.
Gold prices today
18 carat records 605 pounds per gram
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Caliber 21 records 706 pounds per gram
Caliber 24 records 809 pounds per gram
The gold pound is 5648 pounds
An ounce of gold is $ 1622
Wasef revealed that gold shops changed their working hours to start from 10 am to 5 pm in line with the curfew dates during the next two weeks, pointing to a sharp decline in gold sales during the period from January to March 2020, due to the high price of gold in the local market , Affected by the rise in gold prices globally, which recorded significant increases to achieve price levels historic in the first quarter of this year.
He added that sales are almost completely dependent on all retail shops for retail sale, which prompted 40% of retail stores to stop opening their doors to the public, and to re-open their doors early next week.
There are a number of major factors that cause gold prices to rise in Egypt, namely the exchange rate of the pound against the dollar, the price of the precious metal on the global stock exchange, in addition to the factors of supply and demand in the local market.
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