After yesterday’s rise … gold prices in Egypt today, Sunday May 3, 2020

After its increase yesterday, Saturday, the price of gold in Egypt today, Sunday May 3, 2020, corresponding to Ramadan 10, 1441, witnessed the stability in the goldsmiths market, due to the stability of prices in the Metal Exchange and its closure during the weekend.

Expectations of an increase in the price of gold, due to fluctuations in the world economy, following fears of the crisis of the outbreak of the Corona virus “Covid-19”, which is witnessing the local market registering historical price levels, sales and demand for the purchase of the precious metal were greatly affected.

Gold prices in Egypt today

According to Club Naguib, Secretary of the Gold Division at the Cairo Chamber of Commerce, gold prices in Egypt stabilized after rising yesterday by around £ 9 as they recorded the price of the 21 best-selling and outstanding , while the rest of the prices were as follows:

• The price of a gram of 24-carat gold registered 861 pounds.
• The price of one gram of 18-carat gold was 646 pounds.
• The price of a pound of gold was 5,960 pounds.
• The price of an ounce is $ 1,704.

Reasons to change prices

Gold prices in Egypt are affected by many factors, especially the price of the US dollar against the Egyptian pound, in the local market, in addition to the prices of ounces in the gold exchange, as well as economic decisions at the level global and declining oil prices, leading to daily changes in yellow metal prices up and down.

Globally, Reuters reported that the price of gold fell approximately 2.4% during the past week, which is the largest decline since mid-March 2020, and relative to other minerals it has fallen in the following proportions:

• Platinum 0.5% at $ 768.62 an ounce.
• Silver 0.6% at $ 14.93.