01:43 PM
Saturday 16 May 2020
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I wrote – Sherine Salah:
Gold prices jumped on the local market on Saturday, to set a record it had not achieved before.
According to what Naguib Club, Secretary General of the Gold Division of the Cairo Chamber of Commerce told Masrawy, the price of a 21-gram gold price today reached 757 pounds, registering the highest level in its history.
The price of a gram of 18 carat gold is about 649 pounds, 24 carat is about 865 pounds, and the gold pound is about 6056 pounds.
Why did gold hit record price?
Najib attributed the high price of gold in the local market to a record price, to a leap achieved by the global gold price, to reach the price of an ounce to its highest level in 7 years.
Yesterday, gold jumped more than 1% to a level not seen since 2012, as renewed US-Chinese tension added to concerns about a deep economic downturn due to the Corona virus pandemic, according to Reuters.
And the profit of gold in the spot transactions 0.77% to record 1743.6 dollars an ounce (ounce) at the end of trading yesterday.
During the session, it reached its highest level since November 2012 at $ 1751.25. US gold futures rose 0.9% to $ 1756.30.
Global gold prices have benefited from a renewed row between the United States and China over the outbreak of the Corona virus, after President Donald Trump indicated that he might even cut ties with Beijing.
Gold is largely considered a hedge against inflation and currency decline, and investors accept it in times of economic crisis and tensions.
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