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In conjunction with the upcoming Eid Al Fitr celebrations, the demand for gold is increasing, due to the popularity of the “network,” and here a large following of the precious metal movement is wondering, where are they headed? gold prices in the coming period? Are they continuing to rise or fall again below 700 pounds per gram? ?
The price of gold since the beginning of this year registered large increases, as a result of events in the Middle East and the escalation of an American-Iranian in Iraq, and then the appearance of the Corona virus, which significantly increased the demand for the precious metal, which pushed prices up by more than 10%.
Here in the goldsmiths market in Egypt, the price of a 21-carat gram of gold in early January 2020 registered a significant increase from 680 pounds per gram to 745 pounds per gram during the trade today, but the real gains for gold they are not in goldsmiths, but in gold and alloys, due to the price of labor. It is deducted when the gold is resold.
The price of a pound of gold increased by 520 pounds, as its price increased from 5,440 pounds during the first week of January 2020 to 5,960 pounds on the trading day of today, May 2.
The question here is, will gold fall or rise in the next period? Here, Hani Gayed, head of the gold division at the Chamber of Commerce, responds saying: “The current trend in the world price is the increase due to the turmoil in the markets caused by the outbreak of the Corona virus, and the price of one ounce of gold exceeds $ 1,700, which is a relatively high price. “
The head of the gold division added to “The Seventh Day” that the average movement in global prices is related to trade and economic activities, and any movement in the price of an ounce of gold globally affects gold in Egypt, but gold moves in the range of 20 to 40 dollars, which is the range in which the ounce moves, which is what affects 2% in prices.
When asked about prices in Egypt, Hani Gayed believes they will not back down in the near future in light of this rise in the international price, but if a vaccine or drug appears to treat the Corona virus, a drop in prices is expected. globally, and then prices will drop in Egypt.
