Home » News » Why did gold hit its highest level in a month and a half? .. The Minerals Division answers

Why did gold hit its highest level in a month and a half? .. The Minerals Division answers

Rose gold prices For the third consecutive day in Egypt, with a value of two pounds, in conjunction with a noticeable rise in the price of the precious metal globally, to record an ounce of gold 1507 dollars after it recorded yesterday 1498 dollars, which was reflected in the price of gold in Egypt, to rise during Thursday’s transactions, to record gold caliber 21 which is Best sellers in Egypt 673 pounds per gram.-

Ihab Wasef, deputy head of the Precious Metals Division, said, for the seventh day, that gold prices are at their highest levels in a month and a half, as the yellow metal received support from weak economic data from the United States and concerns about a temporary trade agreement between the United States and China.

He added that the uncertainty about the Sino-American consensus cast a shadow over the markets, which raised the demand for the precious metal to ascend to $ 1507, and added to the fears that Canada’s economy contracted, contrary to the expected 0.1% in October, marking the first monthly drop since February, including among them a strike American auto sector, which negatively affected manufacturing, which was reflected in the price of gold.

Gold is considered an investment alternative in times of political and financial uncertainty. On the trade front, investors are awaiting further developments regarding the one-stage agreement between the two largest economies in the world.

Predicting a future price of gold is considered impossible, especially since the price of gold is linked to several other factors that change very quickly, including currency prices in global markets, as well as data and indicators of the economy of countries with major economies, and is linked to supply and demand factors not for small consumers, but it is related to demand Investors, according to Ihab Wasef, deputy head of the Gold Division.

In another context, Naguib Club sees a member of the Gold Division, that if there is someone who has a real expectation of the future of gold prices, it will be the richest in the world, therefore it is not possible to know the future of gold prices, but there is a mist that dominates the scene due to the ambiguity of the upcoming US and China negotiations.

During the past months, and with the apparent escalation of America and China, and the imposition of customs duties on goods worth billions of dollars, which raised the demand for the precious metal globally in an unprecedented way, the ounce of gold achieved its highest levels in more than 6 years, but prices fell slightly with the trend to reap Profits, as well as some positive statements about the rapprochement between America and China

The price of gold in Egypt is directly related to the price of an ounce of gold globally, and then any changes to the price of an ounce, the goldsmith’s market responds directly to this change, and that an ounce of gold is rapidly affected by the changes taking place in the world’s markets resulting from turmoil and trade wars, as well as indicators Global growth, according to Raafat Amin, a trader in the goldsmiths market.

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