03:06 PM
Friday 27 December 2019
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I wrote – Shaima Hefzy:
Gold prices in Egypt jumped 15 pounds per gram during the past week’s trading, due to the increase in the price of the mineral ore globally.
Club Naguib, Secretary General of the Gold Division of the Cairo Chamber of Commerce, told Masrawy that the price of a gram of 21 carat gold increased today, Friday, 27-12-2019, to 675 pounds compared to 660 pounds last Friday.
The price of 18 carat gold increased to 578.6 pounds, the gram price 24 to 771.4 pounds, and the price of the gold pound increased 5400 pounds.
Naguib justified the increase in prices due to the rise in prices of the yellow metal globally, with the approaching Christmas season and the demand for gold.
Globally, gold in spot transactions reached its highest level since November 4 at $ 1513.88 an ounce and rose 0.1% to $ 1512.81 an ounce by 0458 GMT.
In the week, gold gained more than 2%, its best performance since early August, and US gold futures rose 0.2% to $ 1517.60 an ounce.
“There are hedges in the market ahead of the end of the year,” said Jeffrey Haley, chief market analyst for Asia and the Pacific at Oanda. We broke through the $ 1485 level, which probably triggered stops to buy and pushed gold up to $ 1,500 at an attractive time for liquidity of the year when trading volumes were less than usual. ”
Apart from news that Russia is considering investing part of the National Wealth Fund in gold, the dollar’s decline slightly against a basket of currencies has provided support for the yellow metal, as this reduces its cost to holders of other currencies.
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