Gold prices recorded a big drop today, Friday, for the second consecutive day in Egypt, at a value of 22 pounds per gram due to the drop in gold prices per ounce globally, to go down below $ 1,600 an ounce, recording $ 1587 so far, compared to 1636 dollars at noon yesterday.
Gold prices today
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Caliber 18 recorded 600 pounds per gram
Caliber 21 records 700 pounds per gram
Caliber 24 records 800 pounds per gram
The gold pound recorded 5600 pounds
An ounce of gold is $ 1587.
This is due to the large decline in gold, after the US Federal Reserve announced its intervention to prevent the market collapse by pumping huge liquidity into the markets.
Some analysts say it may refer to deeper measures by the US central bank to revitalize the economy and bring stability to the financial system.
The Federal Reserve Bank of New York said it would make $ 1.5 trillion available for one-night loan markets this week and start buying a wide variety of US Treasury bonds as part of its monthly purchases, in a shift that foretells that it may begin to use crisis-management tools faster than planned.
“The Reserve Board is likely to do more soon, including possibly reducing interest rates to zero,” Ibrahim Rahbari, Citi’s chief exchange strategist, said in a note to clients on Thursday.
The central bank offered $ 500 billion through a three-month repurchase facility on Thursday, and will add an additional $ 500 billion in one-month repurchase facilities for three months on Friday, Reuters reported.
The Gold Division in the Chamber of Commerce announced that gold sales recorded a significant decline, due to the high prices of the precious metal during the recent period due to the outbreak of the Corona virus, which caused gold to rise globally.
It is noteworthy that there are 3 rules governing the price of gold 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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