The price of gold jumped today, Wednesday, to the highest price in the history of the precious metal, as the price of one ounce “28.5 grams”, more than two thousand dollars.
The price of gold in Egypt jumped today, as the price of 24-carat gold reached 1051 pounds, the price of a gram of 21-carat gold reached 920 pounds, 18-carat reached 788 pounds, and the price of the pound of gold reached 7360 pounds.
After this huge rise, the average consumer became confused, Should he buy or sell? Is this rise just a quick bubble?
It is noteworthy that the price of gold reached a record level in 2011 when the price of an ounce reached 1921 dollars, but with the beginning of the current year 2020, and during the crisis of Corona Virus “Covid 19”, the price of gold increased significantly and continuously.
The price of gold has risen nearly 32% since the beginning of 2020, supported by measures taken by central banks to reduce the economic impact of the Corona virus crisis.
The price of gold during the last three months, especially last July, reached record numbers that had not been witnessed in the price of gold previously, so it rose from 1,800 to 1,900 dollars.
Experts expect that gold prices will continue to rise during the coming months.
The reason for the scarcity and unanimity is the use of gold, which made the precious metal a great value, especially in times of crisis, such as the world is living now.
Gold towards the Rise: Gold price expectations in the coming period
“The price of gold today exceeded the level of two thousand dollars an ounce, and it could rise to 2100 and 2200 dollars,” said economic expert and CEO Rajab Hamid.
And Ragab Hamid said that he expects the price of gold to rise in the near future, about 2050 dollars per ounce, and 2100 soon.
And one of the largest banks in the world, the American “City Bank”, expected that the price of an ounce of gold would reach 2000 dollars, which was exceeded by the price of gold today.
According to Hamed, Goldman Saken Bank, the leading banking institution in America and the world, has changed its expectations regarding the price cap of gold to put it at a limit of $ 2,300 per ounce, while Bank of America raised the ceiling to about $ 3,000.
Rajab Hamid, the economist and CEO of Kuwait Alloy Company, advised the simple consumer, saying: “Buy. Next is higher. Prices today are high but will be higher in the future. ”.
“Hamed” said that buying gold now is appropriate, because he believes that the price of gold reaches 2100 and 2200 prices has become very close, indicating that even if gold falls below the level of two thousand, it will rise again.
He added, “If the consumer’s goal is to obtain a safe haven and save, then these are good reasons to buy now, especially if the range is from medium to long, that is, from 6 months or more.”
As for speculators and traders, “the decision depends on the daily market movement, which may fall and rise within the limits of tens of dollars.”
With regard to women who have a gold jewelery, “The current time is appropriate for sale, as the price of a gram of gold was between 50 and 55 dollars ago, but today the price of a gram of gold has become 64 dollars.”
Gold price expectations in the coming period
Rajab Hamid believes that it is difficult for gold to remain high in the long run, as it rises and falls in the markets, but since last July it is rising sharply.
He said that the decline in the price of gold may be in the range of $ 1950 an ounce, expecting that “the decline of the yellow metal towards $ 1600 is a distant matter, and 1700 difficult.”
And “in the event of improved economic conditions, gold may fall as a maximum between 1800 and 1900 dollars.”
Amr Abdo, co-founder of the American Market Trader Academy, agrees with him, who believes that the minimum price of gold will be above $ 1,800, after it was about 1,450 in the past.
Abdo said that gold now seems the safest haven in light of the modest results of other incomes, such as the returns on bonds that were crowding the yellow metal in the safe haven field.
And he saw that there is a great demand for gold from the central banks, which want not to lose the value of their cash reserves.
Abdo said the same applies to ordinary consumers who buy jewelry.
Also read:
The gold price today in Egypt.
The price of the dollar today In all banks and the black market “table”.
The price of the euro today In banks and the black market “schedule.”
The price of the Saudi riyal Today in the banks and the black market “schedule.”
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