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Gold prices rose in overnight operations today, Thursday, to a value of 5 pounds, to register the 21-karat gold, which is the best-selling in Egypt, to 833 pounds a gram, after international prices of the gold surpassed an ounce of gold from $ 1900, registering $ 1906.
Gold prices in Egypt.
18 gauge: 714 pounds
21 gauge: 833 pounds
24 gauge: 952 pounds
Gold pound: 6664 pounds
World Price: $ 1,906
A technical report revealed that the demand for asset safe havens is linked to increased uncertainty in the markets over this year’s US elections, the spread of the Corona virus and investor fears of high volatility in the markets, which will increase the demand for coverage and shelter in safe havens.
The report added that the yellow metal registered its highest historical level in August this year above the level of $ 2,070 an ounce and registered annual gains of 26%, these increases were related to the effects of the economic repercussions of the spread of the Corona pandemic during the first and second seasons of the year, then a price correction process for the metal took place. The yellow during the month of September coincided with falls in US stocks, after investors resorted to hedging short positions due to the rapid falls that occurred in the markets during the month of September, then gold rose again above of the level of $ 1,900 an ounce after the announcement of the infection of the American president by the Corona virus.
The report pointed out that people buy gold for various reasons, and the low price may be one of the reasons, and also for the purpose of risk and social hedging on seasons and occasions, and the demand for yellow metal takes many forms, including investment and part of the consumer.
