Why did the price of gold in Egypt drop below 800 pounds per gram?

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Gold prices fell today, Friday, in Egypt, to less than 800 pounds per gram, after recording prices in the goldsmiths market in Egypt, record levels amounted to 804 pounds per gram for the first time in history, so why did the price of gold come back down below 800 pounds, which raises a question about the reason for this decline .

Ihab Wasef, deputy head of the Precious Metals Division, attributed this decline in Egypt to the fact that gold broke its support point at $ 1,800 to $ 1797, and thus the price was expected to break from the 800-pound of 21-carriers with the beginning of opening markets in Egypt.

He added, “Wasef”, despite this decline, but gold is still the most attractive to invest under the current conditions, and the spread of the Corona virus in the three most populous states, California, Texas and Florida in America, and under conditions of uncertainty whether President Trump will go into The upcoming US elections in November, which leads to skepticism about the continuation of US monetary policies.

The yen rose to its highest level in two weeks and the highly vulnerable currencies fell on Friday after a rise in new infections with the Corona virus in the United States, further undermining the justification for a rapid improvement in the economy.

Caution drove the yen, a safe haven, up 25% to a two-week high of 106.93 per dollar, according to Reuters.

And the dollar gained against most other currencies, while its index increased about 0.2% to 96.919 from near a one-month low at 96.233 which it touched yesterday, as did the Swiss franc, another safe haven, the highest level in nearly six weeks against the euro, at 1.0619 francs For the euro.

The euro fell 0.1% to $ 1.1273, retreating from the highest level in a month at $ 1.1371, which was recorded on Thursday.

Weekly data showed on Thursday that the number of Americans who applied for new US unemployment benefits fell near the lowest level in four months last week, and this is an indication of the high demand for safe havens because major companies announced job cuts and forced employees to take leave, which is What makes the scene more mysterious.

And many of the heavily affected currencies fell after rising in recent weeks. The yuan fell about 0.2 percent to 7.0115 to the dollar, after touching a nearly four-month high of 6.9808 on Thursday.

The Chinese currency did better than most other currencies affected by the risk this week, and rose about 1%, supported by hopes of capital flows with the rise in Chinese share prices, after Beijing hinted that it wants a strong market that tends to rise.

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