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Gold prices fell for the second time on Monday night, at the beginning of the week’s transactions in Egypt, to a value of 5 pounds, to reach the 21-karat gold, which is the best-selling in Egypt, 800 pounds , after an ounce of gold fell globally to $ 1,837 until the report was issued.
Gold prices today
18 gauge: 685 pounds per gram
21 gauge: 800 pounds
24 gauge: 914 pounds
Gold pound: 6400 pounds
One ounce of gold is $ 1837
Since the beginning of this month of November, gold prices have witnessed a state of clear fluctuation worldwide between highs and lows, but since Monday, November 9, gold continues to fall very rapidly, in conjunction with the announcement of the American company Fayez that had come up with a vaccine for the Corona virus, and this clearly affected the demand to buy gold as a refuge. The safety, and the reason for this is that gold falls almost $ 120 before rising in a limited fashion to close last week at $ 1870, so what awaits the gold market next week, which starts on Monday, which It is the beginning of the week’s operations.
The gold market is awaiting the results of the events of the high Corona virus infection, after the announcement of a vaccine for the Corona virus caused a state of joy, while heralding problems for the main technology companies, in a time when the shares of leading companies are rising, while the rise in the number of virus infections outstrips the gains made. In pollen, this comes with the fall of the US dollar at a time when gold has experienced a decline, and here gold will continue to fluctuate until conditions stabilize.
European Union leaders want to intensify preparations for Britain’s exit from the European Union without a deal, amid fear of running out of time without reaching a deal, and here these concerns may push gold to rise again, but all expectations confirm that gold is currently unable to break the current resistance point at $ 1900. .
The World Gold Council revealed that in August 2020, central banks sold more gold than they bought to end a year and a half of the monthly increase in gold purchases, helping to stem the rapid rise in the price of the yellow metal. , and gold rose from just over $ 1,500 in early 2019 to a record high. To $ 2,072.50 in early August, and then to about $ 1,900, investors in Europe and North America raised prices and raised gold in the hope that it would hold its value during the Corona crisis.
The Gold Council added that central banks, totaling 35 thousand tons of gold worth about two trillion dollars, sold 12.3 tons more than they bought in August, and central banks bought 656 tons of gold in 2018, the highest figure in half a century. Last year, purchases amounted to 650 tons.
