Gold prices in Egypt witnessed a remarkable stability today for all bullets, as the price of 21 gold today recorded 706 pounds per gram, while gold prices worldwide recorded 1627 dollars an ounce so far, although it is a relatively high price, but the decline in demand for the metal The precious in Egypt causes this drop in prices.
Gold prices witnessed a rise of more than 4% this week to continue its gains, following unprecedented measures by the Federal Reserve Board (the American Central Bank) to support the economy, which is suffering from the Corona virus to stop the exodus of liquidity.
The sale of gold in Egypt will stop during Friday and Saturday, in implementation of the cabinet’s decision, and it will resume its activity on Monday, making the total working days of the gold market only 4 days.
Gold prices today
18 carat records 605 pounds per gram
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 $ 1627
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Ehab Wasef, Vice President of the Gold Division, 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 large rise Gold prices in the local market, affected by the rise in gold prices globally, which recorded significant increases to achieve price levels historical levels 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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