Gold prices rose today in Egypt by 5 pounds, to record 21 carat, which is the best selling in Egypt, at 855 pounds per gram, against the background of the rise in the global price of gold for the second time.
Gold trimmed its losses globally after the ounce fell by more than 5% to lose $ 102 during the trading sessions on Tuesday, but gold rose again as it rose to $ 1938 from $ 1911.
The global price of gold has lost nearly 5.2% since the morning of Tuesday, August 11th, which was reflected in the precious metal in Egypt, dropping 70 pounds per gram.
Gold prices today:
Caliber 18: 732.85 pounds.
Caliber 21: 855 pounds.
Caliber 21: 977.10 pounds.
Gold pound: 6840 pounds.
World price: 1932 dollars.
Gold was down more than 2%, dropping from the important level of $ 1900 an ounce on Wednesday, as the dollar’s rise again forced investors in the precious metal to re-evaluate their positions after a record high price.
Spot gold fell 2.5% near its lowest level in three weeks of $ 1863.67, to resume its free fall after it stopped falling for a while in early trading. Gold fell 1.6% to 1,881.55 dollars by 0540 GMT, extending its losses after plunging 6% by 6% on Tuesday.
US gold futures fell 2.8% to $ 1892. Silver prices fell 3.3% to $ 23.96 an ounce, after falling 15% in the previous session.
“It seems that some recovery is emerging from the gold market,” said Kyle Roda, an analyst at IG Markets. “It appears that it is possible now to test the support level at $ 1,800.
“A lot depends on US revenues and the factors driving them at the moment. Also, the strength of the dollar is very important for us to monitor it over the next few days and weeks. ”
And a jump in US Treasury yields helped the dollar to continue its winning streak, increasing the cost of gold to holders of other currencies. Higher returns also increase the opportunity cost of holding the yellow metal that does not generate a return.
Gold suffered its biggest one-day drop in more than seven years on Tuesday as stocks rose and the dollar rose. But growing uncertainty over a US stimulus deal weighed on Asian stocks on Wednesday.
As for the other precious metals, platinum fell 0.3% to $ 927.60, while palladium rose 1.1% to $ 2113.49.
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