02:38 PM
Thursday 11 June 2020
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I wrote – Sherine Salah:
The price of a gram of gold in the local market jumped by about 11 pounds at one time during Thursday’s trading, compared to its level yesterday, despite the decline in the price of the dollar against the pound.
Gold prices in Egypt are affected by the price of the yellow metal on the global stock exchange, in addition to the exchange rate of the dollar against the pound, and with the increase in the price of the dollar last week, the price of a gram of gold rose, but he did not tend to decline with the decline of the foreign currency.
And the dollar exchange rate reversed its bullish path that it started since mid-May last, to decline in banks since the beginning of last Monday.
The price of the dollar fell 4 piasters against the pound since the beginning of this week, to 16.13 pounds for purchase and 16.23 pounds for sale, according to central bank data.
The price of a gram of 21 carat gold today reached 780 pounds, the price of a gram of 18 carat gold is about 668 pounds, and 24 karat is about 891 pounds.
Naguib Club, Secretary General of the Gold Division at the Cairo Chamber of Commerce, explained to Masrawy, the continuation of the price of the gold to rise despite the decline in the dollar, saying that investors bought large quantities of gold at a high price during the past days, which led to a rise in the price of gold in international stock exchanges, according to the supply theory And demand.
According to Naguib, with the increase in demand, the supply decreases and the price of gold on the stock exchanges increases.
He said that “given that the price of the dollar has not declined by a significant amount during the days, so it did not affect the price of the gram in the local market and jumped today with this value,” noting that the decline in gold during today’s trading globally has not yet affected local prices, and that despite the decline But world prices are still high.
During today’s trading, the price of an ounce fell to $ 1693 in the second hour and 15 minutes at noon Cairo time, according to Bloomberg data.
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