02:35 PM
Saturday 29 February 2020
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Books – Mostafa Eid:
Gold prices tumbled by 3.61% at the end of trading on Friday in global markets, due to fears of the spread of the emerging Corona virus, to record the prices of the precious metal, the largest weekly decline since November 2016, according to Reuters, in a week that witnessed sharp fluctuations.
Prior to this significant drop, fears of the Corona virus outbreak and its transformation into a pandemic prompted gold prices to rise in global markets over the past week, hitting a 7-year high of $ 1,688.66 an ounce on Monday.
However, with the increase in the state of fear of the rapid spread of the Corona virus and the expansion of the affected countries, investors in global markets moved during the trading yesterday, Friday, to liquidate the various assets, including gold, to record the price of a loss of about 59.3 dollars an ounce, or 3.61%, to the level of 1585.69 dollars at the end of trading.
According to Reuters, Michael Matusk, trading director at US Global Investors, said, “There are many investors and dealers who have to meet requests for coverage in other products, so they sell what they can sell, so gold and the shares of gold mining companies are affected.”
“People are trying to sell anything they can sell,” Matusk added.
Naguib Club, Secretary General of the Gold Traders Division at the Cairo Chamber of Commerce, told Masrawy that the decline in gold prices in global markets yesterday was due to profit-taking following the sale of large quantities of gold after increasing it in recent days to high levels with widespread fears of Corona Virus.
The large decline in global gold prices was reflected on its levels locally, as the gram price witnessed a sharp decline that reached 21 pounds in one go during the transactions on Saturday compared to its level on Friday.
The price of a 21-gram gold price fell today to 693 pounds, compared to 714 pounds yesterday.
The price of a gram of 18 carat gold today reached 594 pounds, and the price of a gram of 24 carat is 792 pounds, and the price of a pound of gold recorded about 5544 pounds.
The losses included other precious metals globally as well, on Friday, with palladium falling 13% during the session, platinum 6.1%, and silver 7.4%.
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