Gold prices fell in trading today, Wednesday, February 5, at a value of 7 pounds, recording 683 pounds per gram for 21 caliber, which is the main caliber of the goldsmiths market in Egypt, after the world price of an ounce of gold witnessed a significant decline from 1560 to 1550 dollars.
Gold prices today in Egypt
Caliber 18: 585.40 side.
Caliber 21: 683 pounds.
Caliber 24: 780 pounds.
The gold pound is 5104 pounds.
An ounce of gold is $ 1550.
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Ehab Wasef, deputy head of the gold division of the Chamber of Commerce, revealed that the reason for the decline is that China sold part of its gold reserves to support the yuan, which caused prices to fall as a result of the oversupply.
He added that gold sales during January 2020 recorded a significant decline, due to the increase in the prices of the precious metal by more than 4% since the beginning of this year, due to the turmoil in the Middle East and the outbreak of the Corona virus, which caused the rise of gold globally.
He pointed out that the tensions that the Middle East region is constantly witnessing are pushing towards increasing gold prices, and then from having financial surpluses he can buy gold now.
He added to “The Seventh Day” that gold since 1981 rises annually in varying proportions, ranging from 20 to 36% annually, so the metal throughout the time in successive rises, and in 2016 witnessed an unprecedented increase in gold in Egypt by 256%, gold is linked to international prices as well The price of the dollar against the pound in Egypt, as well as factors of supply and demand. “
Wasef emphasized that buying gold is appropriate at all times because it is a safe investment haven, especially in light of the ongoing currency turmoil, pointing out that the rise in oil and the dollar’s decline globally, as well as political and security turmoil in the region, are all paid in the directions of increasing gold prices, so if a citizen He has a financial surplus, because gold is suitable for him.
Wasef continued, that the international prices of gold have risen 4% since the beginning of this year, but have taken their way to decline in light of the tendency of some to take profits and with positive economic data in the United States of America, but there is constant anticipation of the results of developments in the Chinese economy, due to the outbreak of a virus Sk.
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