The price of gold in Egypt today

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Sada al-Balad news site publishes gold prices in the local market, according to the conclusion of the transactions on Friday 28-8-2020, where the price of a gram of 21 carat gold ranged between 855 and 858 pounds.

The price of the 18-caliber gram was about 734 pounds per gram.

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Caliber 24 recorded a price of 976 pounds per gram.

The pound of gold, “8 grams of 21 carat,” ranged between 6832 pounds to 6848 pounds.

Gold rose about 1% during the day, Friday, while the dollar witnessed a decline, while investors adhered to signs of a policy that tends to monetary easing, issued by Jerome Powell, Chairman of the Federal Reserve Board (the US Central Bank).

Gold rose in spot transactions 0.9 percent to 1946.55 dollars an ounce by 0650 GMT, after it fell 1.3 percent, and gold gained about 0.4 percent, since the beginning of the week, after losses incurred for two consecutive weeks.

Prices fluctuated between a 1% rise and a 2% decrease, before and after Powell’s speech.

Gold usually benefits from low interest rates, as it reduces the opportunity cost of holding the yellow metal, which does not generate a return and puts pressure on the dollar.

The dollar index fell 0.4% against its rivals and is heading towards recording its worst weekly performance in a month, which reduces the cost of gold for investors who hold other currencies.

The high incidence of Coronavirus has cast doubts on a rapid economic recovery, and spur central banks to lower interest rates and ease monetary policy; Which helped gold to rise about 28 percent since the beginning of the year.

As for the other precious metals, silver gained 1.3% to $ 27.40 an ounce, and is heading for the second week in a row to rise by 2.3%.

Platinum rose 0.4% to $ 932.58, while palladium rose 1.1% to $ 2,184.21.

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