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Gold prices rose 10 pounds on Wednesday in Egypt, for the second day in a row, to compensate for the large falls it registered during the last two weeks of November 2020, so that 21 karat gold, which is the best-selling in Egypt , went up to 798 pounds a gram.
The rise in the price of gold in Egypt took place after the rise in the global price of an ounce of gold to 1828 dollars until the writing of these lines, given the behavior of the fall of the dollar worldwide. The US currency posted its worst performance in more than two years.
Gold prices today in Egypt:
The price of 18 karat gold was recorded at 684 pounds.
The 21 karat gold price was recorded at 798 pounds.
The price of 24 karat gold was 912 pounds.
The price of a pound of gold is 6384 pounds.
The price of an ounce of gold is $ 1,828.
The dollar closed near its lowest level in two and a half years on Wednesday, December 2, as investors weighed the prospects for further fiscal stimulus in the United States, while riskier currencies held firm as sentiment improved. of investors.
The Chinese yuan lost some of its gains in Asian trade after the New York Times reported that US President-elect Joe Biden would not act immediately to cancel the phase 1 trade deal that President Donald Trump signed with China.
The dollar index fell to 91.19 against a basket of currencies, close to its lowest level since late April 2018, and this drop in the dollar was reflected in gold, which rose more than $ 20.
The euro and New Zealand dollar stabilized after reaching their highest levels in two and a half years, and the dollar depreciated widely on renewed hopes for a Corona virus vaccine and American financial incentives.
U.S. Secretary of the Treasury Stephen Mnuchin and House Speaker Nancy Pelosi held stimulus talks for the first time since the presidential election, while a group of senators and lawmakers from both parties proposed a package of measures to mitigate the repercussions of the Covid-19 pandemic worth 908 billion dollars, and the dollar was trading for 104.41 yen. .
The euro maintained some of its gains against the dollar after a strong performance overnight, as it reached its highest level since May 2018. In its last session it registered $ 1,2071.
This fall in the dollar was reflected in investors’ decisions to bet on gold, but the likelihood of gold continuing to rise may be the wrong choice now, with the upcoming distribution of a Corona virus vaccine and an expected economic recovery. .
