Gold prices witnessed today, Sunday 19-4-2020, a state of stability, in conjunction with the weekly holiday of the goldsmiths market, where retail gold stores stop operating on Sunday of each week.
Gold shops in Egypt continue to be closed this week for 4 days, starting from Friday to Monday, in implementation of the government’s decision to close all commercial stores to ease the crowds to counter the Corona virus.
Gold prices in Egypt ..
Caliber 18 recorded 631 pounds per gram.
Caliber 21 recorded 737 pounds per gram.
Caliber 24 recorded 841 pounds per gram.
The gold pound is 5869 pounds.
An ounce of gold is $ 1686
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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.
Ehab Wasef, deputy head of the gold division at the Chamber of Commerce, revealed that gold sales recorded a remarkable decline in the first quarter of 2020 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.
He added in special statements, that the status of the gold market we have a noticeable decrease in sales, noting that the upward trend of gold due to the turmoil witnessed by the world, both with the escalation events in the Middle East as well as the Corona virus has led to a rise in prices since the beginning of 2020.
Wasef continued, that any movement in the price of gold globally with an increase of one dollar in an ounce leads to an impact on the price in the goldsmiths market in Egypt within the limits of 43 piasters per gram and this leads to confusion in the market in Egypt.
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