Gold prices recorded a rise of 10 pounds at the beginning of the week, on Monday, in conjunction with a rise in the price of an ounce of gold to 1695 dollars, an increase of 0.53%, and also because of the rise in the price of the dollar in the banking market to the highest rates in nearly 7 months.
Gold prices today in Egypt:
Caliber 18: 664 pounds per gram.
Caliber 21: 775 pounds per gram.
Caliber 24: 885 pounds per gram.
Gold pound: 6200 pounds.
World price: $ 1695.
Ihab Wasef, deputy head of the gold division, said that the high demand for precious metals globally led to an increase in gold prices, as a result of the continued uncertainty about the state of the global economy due to the Corona virus, indicating that the price of the dollar recorded a significant increase in Egypt, which pushes gold towards its highest price point , As an unprecedented historical height.
The world is awaiting a treatment for the new Corona virus, and countries are easing measures to shut down the economy, including Italy and the United States, to restore life to their economies. However, investors remain concerned about the escalation of tensions between China and the United States after President Donald Trump threatened new fees to China because of its dealings with Outbreaks.
Gold, which is already an alternative during times of political and economic crises, has risen 10% since the beginning of this year, as a result of tariff war and interest rate cuts in the United States, as well as due to the spread of the Corona virus.
May’s reserves fell to $ 36 billion, for the third month in a row, but at a slower pace, according to data released by the central bank on Sunday.
Foreign exchange reserves fell by $ 3.1 billion in April and $ 5.4 billion in March, steadily declining from a peak of $ 45.5 billion in February before the Covid-19 crisis.