Gold prices stabilized in Egypt today, Sunday, due to the weekly holiday of the goldsmiths market, with remarkable stability following a sharp drop of 17 pounds per gram during last week’s trading, after the gold price fell globally due to expanded profit-taking operations, to lose an ounce of gold more than $ 55 an ounce Last weekend.
Gold prices today in Egypt:
Caliber 18 records 595 pounds.
Caliber 21 records 695 pounds.
Caliber 24 records 794 pounds.
The gold pound is 5560 pounds.
An ounce of gold is $ 1586.
Wasfi Amin, head of the gold division of the Chambers of Commerce, said that financial and governmental institutions fear any negative impact on the global economy, so they tend to sell shares and take refuge in the safe haven, which is gold, and the result of buying in large quantities increases the price, as a result of increased demand for supply.
He pointed out that the effect of Corona, was the result that the first industrial city in China, which exports 70%, stopped factories and led to fear among investors, selling shares and buying gold, pointing out that he expected gold prices to increase in Egypt in the coming period, as long as the global economy is still negative.
He explained that gold sales during January 2020 recorded a significant decline, due to the increase in the prices of the precious metal by more than 4% since the beginning of this year, due to the turmoil in the Middle East and the outbreak of the Corona virus, which caused the rise of gold globally.
He added to “The Seventh Day” that gold since 1981 rises annually in varying proportions, ranging from 20 to 36% annually, so the metal throughout the time in successive rises, and in 2016 witnessed an unprecedented increase in gold in Egypt by 256%, gold is linked to international prices as well The price of the dollar against the pound in Egypt, as well as factors of supply and demand. “
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