Gold prices settled during evening trading, today, Saturday 4-1-2020, in the local market, after witnessing an increase yesterday, Friday, at the end of trading week
The 21-carat recorded about 691 pounds per gram, according to the Gold Division, while 18-carat recorded about 592 pounds, while the 24-carat recorded about 792 pounds, and the price of gold at the local level reached 5440 pounds.
Gold prices jumped yesterday to their highest level in four months and penetrated the $ 1550 ounce barrier after an American air strike in Iraq, killing a prominent Iranian military commander, which sparked a wave of buying in safe assets.
Gold, like other safe investment assets, benefits in times of political uncertainty. Over the course of the week, gold jumped more than 2.5 percent, its best weekly gain since early August and continued to rise for the fourth week in a row.
There are 3 rules governing the price of gold in Egypt, which are the factor of supply and demand, the price of an ounce of gold globally and changes in the price of the American currency, which are the rules that are observed on a daily basis when determining prices.
The more the demand for gold and the lower the supply of it, the higher the price. These are global constants that cannot be interfered with by traders, who calculate the price through a calculation by multiplying the international price by the price of the dollar, and through this the prices are determined.