Gold prices recorded on Sunday, a remarkable stability in conjunction with the weekly holiday of the goldsmiths market, as the movement of buying and selling stops, and today 21 karat gold recorded a value of 680 pounds per gram, after yesterday’s decline of 5 pounds.
Gold prices today..
Caliber 18 records 582.75 pounds per gram
Caliber 21 records 680 pounds per gram
Caliber 24 records 777.25 pounds per gram
The gold pound is 5440 pounds
An ounce of gold is 1498 dollars
Reasons for the decline in the price of gold last week:
Decline in demand for the precious metal as investors tend to sell for profit
Americas plan to pump 700 billion dollars to save markets.
European stocks closed higher during the week’s closing sessions.
Investor optimism towards the European Bank to issue sovereign bonds.
Ambiguity about the fate of price movement and Corona affects demand rates.
Prices in Egypt fell from 730 to 680 pounds per gram.
Gold sales in Egypt have declined in the past two months.
Market experts warn against buying gold jewelry for the purpose of investing due to loss of workmanship when selling.
There are 3 rules governing the price of gold in Egypt, namely the exchange rate of the pound against the dollar, the price of the precious metal on the global stock exchange, in addition to the factors of supply and demand in the local market.
Reuters news agency, yesterday, gold fell more than 1% to continue its losses after the sharp decline in the previous session, with investors continuing to sell assets to keep liquidity due to the growing concerns about the economic impact of the outbreak of the Corona virus.
Platinum and Palladium rose more than 5% in early trade, before trimming their gains. The two were hardest hit after Monday’s losses, as they were industrial minerals.
And gold fell in immediate transactions 1.1% to $ 1496.78 an ounce by 0540 GMT, after falling 5.1% on Monday to the lowest level since November 2019.
And gold earned in US futures 1.1% to $ 1503.20.
Asian stocks fell after Wall Street recorded the biggest daily loss in history, while news headlines about the outbreak and its global economic impact hurt investor sentiment a lot.