Where are the gold prices going in Egypt? (Report)

Gold prices settled at the same levels in operations last weekend.

Traders emphasized that buying and selling operations have now come to a complete halt due to the absence of a financial surplus for the ability to buy gold, in addition to the application of prohibition hours at night contributing to the biggest stagnation of the gold market, which begins its activity generally at night.

Several traders said that the application of precautionary measures against “Corona”, which included stopping air movement and tourism, increased the stagnation of the gold market.

The price for an 18 gram gram is approximately 640 pounds, while the 21 carat price is approximately 747 pounds, and the 24 carat price has reached approximately 853 pounds.

The price of a pound of gold reached 5,974 pounds, which raised the global price on the stock exchanges to approximately $ 1,732 an ounce.

Club Naguib, head of the gold division of the Cairo Chamber of Commerce, said there has been a clear decline in sales for a while now, but with the enforcement of ban hours, the market has been hit by unwillingness to buy, especially since gold market sales activity generally begins at night.

“Naguib” explained in statements to “Al-Masry Al-Youm” that stopping the movement of air and tourism contributed to doubling the stagnation of the markets, explaining that these sectors contributed in part to the gold sales activity in Egypt during the last period in light of the reluctance of the local consumer to deal with the gold market due to the Physical situation

He expected the market to partially recover in the second half of Ramadan, with some families preparing to celebrate the new marriages.

On the other hand, Amir Rizk, member of the Gold Traders Division, questioned the possibility of market activity in the second half of Ramadan with the continued application of blocked meetings and the decrease in the movement of new marriages and, therefore, the purchase of the gold network as usual in light of the application of precautionary measures against the Corona virus, which led some to postpone the celebration. By celebrating weddings and parties, this will adversely affect the gold market.

He expected world prices to rise in the coming period as China tends to buy large quantities.

He explained that the increase in gold prices in the global market during the last periods was driven by China towards intensive purchases, which increased the demand for it.

He said that the movement of the markets is “non-existent” as he put it, noting that the market was experiencing a period of stagnation, but now there is a complete cessation of the movement of buying and selling as a result of increasing financial burdens on the family. .