02:38 PM
Friday, February 21, 2020
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I wrote – Shaima Hefzy:
Gold prices in Egypt jumped during the past week, 13 pounds per gram, driven by the increase in global crude prices to their highest level in seven years today, Friday.
The price of a 21-gram gold in Egypt today, Friday, reached 700 pounds, compared to about 687 pounds last Friday, according to what Naguib Club, Secretary General of the Gold Division of the Cairo Chamber of Commerce said.
The price of a gram of 18 carat gold rose today to 600 pounds, and 24 carats to 800 pounds, while the price of a pound of gold recorded 5600 pounds.
Globally, gold prices reached their highest levels in seven years today, Friday, heading towards recording the best weekly performance in a month and a half, according to Reuters news agency.
The increase in the price of the yellow metal globally comes at a time when demand for safe haven assets has been supported by a rise in the number of new cases of coronavirus in South Korea.
South Korea has reported 52 new cases of the virus, bringing the total nationwide to 156, while Japan has announced the first death on a cruise ship that constitutes the largest pool of infections outside China.
And gold rose in instant transactions 0.4% to $ 1625.05 an ounce by 0409 GMT, after reaching its highest level since February 2013 at $ 1626.27 earlier in the session.
Since the beginning of the week, prices have risen 2.5% and are heading towards achieving the largest weekly gain in percentage terms since January 3, and US gold futures rose 0.4% to $ 1627.40.
“It appears that the main focus of gold is on the uncertainty surrounding the virus … and its spread across the world,” said John Sharma, economist at the National Bank of Australia, adding that the impact of the epidemic on tourism, travel and growth is fueling demand for the yellow metal.
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