Experienced gold prices At the global level, a significant decline this week amounted to 3.2%, as the price of an ounce of gold decreased from $ 1,792 in last Monday’s trading to $ 1734 at the end of this week’s trading, down $ 58.-
The big drop in the price of an ounce gold At the global level, it came against the background of a rise in the yields of modified US bonds, and this rise made investors tend to put their confidence in bonds and sell gold significantly, which caused an increase in the supply of gold, and then a noticeable drop in prices due to the increase in supply.-
Gold is under great pressure whenever there is any recovery in the dollar or in bond yields, and this partial recovery in the dollar this week came with the support of the US stimulus plan that aims to pump 1.9 trillion dollars, to save the US economy from its stumbling block due to the Coronavirus pandemic.
In the local market, gold prices in Egypt have witnessed during the period from Thursday until now, that is, in 72 hours, a significant drop of 20 pounds per gram in the goldsmiths market, and this significant drop in the price of gold in the goldsmiths market in Egypt is primarily due to the great drop in the price of an ounce. Gold worldwide.
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