Gold prices rise 4 pounds at the beginning of transactions, and 21 carats registers 745 pounds per gram

Gold prices rose today, Monday, starting the week in Egypt, at the goldsmith market at £ 4. The record of 21 carats, which is the best-selling in Egypt, was 745 pounds per gram, after increasing an ounce of gold to $ 1706.

Along with the upcoming Eid Al Fitr celebrations, the demand for gold is increasing, due to the popularity of the “network”, and here a large following of the precious metal movement is wondering, where are the gold prices in the next period? Are they continuing to increase or return to a withdrawal of less than 700 pounds per gram?

The price of gold since the beginning of this year registered large increases, as a result of events in the Middle East and the escalation of an American-Iranian in Iraq, and then the appearance of the Corona virus, which significantly increased the demand for the precious metal. , which caused prices to increase by more than 10%.

And here in the goldsmiths market in Egypt, the price of a 21-carat gram of gold in early January 2020 saw a significant increase from 680 pounds per gram to 745 pounds per gram during trading today, but the real gains for gold they are not in the goldsmiths, but in the pound of gold and alloys, due to the price of labor. It is deducted when the gold is resold.

The price of a pound of gold increased by 520 pounds, as its price rose from 5,440 pounds during the first week of January 2020 to 5,960 pounds on the trading day of May 2.

The question here is, will gold decrease or increase in the next period? Here, Hani Gayed, head of the gold division at the Chamber of Commerce, replies: “The current trend in the world price is the increase due to the turmoil in the markets caused by the outbreak of the Corona virus, and the price of one ounce gold exceeds $ 1,700, which is a relatively high price. “

The head of the gold division added to “The Seventh Day” that the average movement in global prices is related to trade and economic activities, and any movement in the price of an ounce of gold globally affects gold in Egypt, but gold moves in the range of 20 to 40 dollars, which is the range in which the ounce moves, which is what affects 2% in prices.

When asked about prices in Egypt, Hani Gayed believes he will not withdraw in the near future in light of this rise in the international price, but if a serum or drug appears to treat the Corona virus, a decrease in prices globally and then prices in Egypt will decrease.