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Since August 5, 2020, the price of gold has been in a state of fluctuation between high and low, but gold remained at high levels in the first half of August, then took a path to retreat from the higher levels recorded in Egypt, which amounted to 920 pounds per gram for the first time in history during the Goldsmith Market trade.
Gold declined during the “49 days” period from August 5 to September 23, 2020, to a value of 93 pounds in almost all calibers, as gold fell from 920 pounds per gram to 827 pounds per gram, in relation to the 21 gauge, which is the most popular in Egypt, because the price of Gold throughout this period was affected by the problems that plague the global economy, among which the lack of treatment for the Corona virus, the damage to the dollar and the fall in the interest rate.
In Egypt, gold is not far from what global markets are witnessing, with the gradual drop in the ounce of gold, which witnessed a decline in dollars from 2025 to 1880 dollars, with a decline of 145 dollars, a decline of approximately 7.7%, and this was reflected in gold in Egypt, falling from 920 to 827. Pounds per gram, with expectations of another price drop in the next few hours.
The price of gold reached its peak in Egypt on August 5, 2020, registering 920 pounds per gram, which is the highest price recorded for 21-karat gold, which is the main gauge of the Egyptian market, after the ounce reached 2025 dollars, a record that gold registered for the first time in the world.
Regarding the reasons for the rise of gold during 2020, observers confirmed that low interest in trading leads investors to put their money in gold as a safe haven, increasing demand for it in an unprecedented way. and pushes you to record historical prices..
Globally, gold prices rose past the $ 2,000 mark for the first time in history last August as demand for the metal, which is considered a safe haven, was driven by a rate climate. extremely low interest rates and hopes for more stimulus in the United States to protect the economy affected by the Corona virus.
Globally, gold fell as the dollar rose to its highest level in more than a month, while investors remained skeptical about additional stimulus measures to support the economy affected by the Corona pandemic, as they waited comments from officials at the Federal Reserve Board (the US Central Bank) this week.
