Gold prices recorded today evening in Egypt a rise of two pounds to reach 21 carat, which is the best selling in Egypt, 910 pounds per gram in the goldsmiths market, after the global price of an ounce of gold rose to 2035 after a limited decline this morning.
Gold price today:
Caliber 18 recorded 780 pounds per gram.
Caliber 21 recorded 910 pounds per gram.
Caliber 24 recorded 1040 pounds per gram.
The gold pound is 7280 pounds.
An ounce of gold is $ 2035.
Ihab Wassef, Vice President of the Precious Metals Division, said that, according to the World Gold Council report, for the second quarter of 2020, demand for gold jewelry in Egypt decreased by 70% compared to the same period in 2019, as the sales volume reached 1.7 tons compared to 5.5 tons.
He added that the volume of sales of artifacts in most countries decreased in varying proportions, as the decline in the United Arab Emirates reached 86%, Saudi Arabia by 80%, and Kuwait by 35%.
According to Wassef, reports have proven that the total sales volume in Egypt decreased by 31% for the first half of 2020, and the volume of investment purchases (bullions and currencies) decreased by 10% compared to 2019.
There is a close correlation between the price of gold and the dollar, so whenever the price of the dollar falls, and the price of an ounce of gold remains stable worldwide, the precious metal is witnessing a decline in Egypt in response to the decline of the dollar, but this week gold recorded great rises in the goldsmiths market despite the decline of the dollar, so what are the reasons for that?
He continued, that there are several indicators that confirmed that gold would have resolved these historical rises, including that gold is the world’s best monthly performance in about four and a half years as a result of the dollar’s decline last month, pointing out that the publication of negative US data has added to doubts about a rapid recovery from the resulting economic downturn. On the Coronavirus pandemic, which prompted investors to buy the yellow metal, which is considered a safe haven.
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