The price of gold rose today in Egypt 6 pounds, to record 755 pounds per gram of 21 carat, which is the most widely traded in Egypt, in light of the continued rise in the price of an ounce of gold globally to 1736 dollars.
Gold prices today:
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Caliber 18: 647.15 pounds
Caliber 21: 755 pounds
Caliber 24: 862.85 pounds
Gold pound: 6040 pounds
World price: $ 1736
Gold reached its highest level in more than three weeks on Friday, as relations between China and the United States take a turn for the worse, and investors are concerned that the global economy will take longer than expected to recover from the decline caused by the Corona virus.
And gold gained in immediate transactions 0.4% to $ 1735.67 an ounce by 0616 GMT, after touching earlier its highest levels since April 23 at 1737.50 dollars. And US gold futures rose 0.3% to 1746.20 dollars, according to Reuters news agency.
“With more economic data released, it is clear that some of the damage (to the global economy) will take longer to fix than what was expected,” said Michael McCarthy, senior market analyst at CMC Markets.
He said it has become increasingly clear that a rapid or V-shaped economic recovery is highly unlikely, adding that this means that interest rates will remain low for a longer period of time, improving the demand for the yellow metal.
The precious metal that does not yield returns tends to rise in light of low interest rates and when economic uncertainty increases.
A Reuters survey showed that the already negative economic outlook for the United States has darkened. While recovery is still expected in the second half of the year, it will not come close to compensating for the losses incurred by the economy since the beginning of this year.
Gold gained about 2% this week, and is preparing for the largest weekly gain in three weeks, supported by indications of continued economic weakness for an extended period and with the growing tensions between the United States and China.
As for the other precious metals, palladium gained 0.3% to $ 1840.86 an ounce, but it is heading towards a decline for the seventh consecutive week.
Platinum rose 0.4% to $ 770.88 an ounce. Silver jumped 2.5% to $ 16.26 an ounce and is heading towards achieving the largest weekly gain in five weeks
And here in Egypt, the Precious Metals Division of the Cairo Chamber of Commerce warned against buying gold through pages on social networking sites on Facebook or any social media on the Internet, in order to avoid consumers not being exposed to the risk of the monument.
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