Subscribe to receive economic news
Gold prices began to rise after the end of the US elections, and with the beginning of the week for the local market, and experts expected the rise in the coming period.
Amir Rizk, a member of the Jewelers Division of the Federation of Chambers of Commerce, confirmed that there is a slight increase with the opening of the local market after the weekly rest, during the two days of Saturday and Sunday, and that gold rose by 3 pounds, to become the most popular 21 carat in the local market at 851 pounds per gram.
Rizk added to Al-Masry Al-Youm that gold has risen since last Thursday, with the beginning of the indications that Biden won, headed by the United States, by 13 pounds in the local market, and 6 dollars per ounce, to become 1958 dollars instead of 1952 dollars.
Rizk explained that the 24-carat became 972 pounds per gram, 18-karat to 730 pounds per gram, 21-karat at 851 pounds per gram, and the gold pound at 6810 pounds.
Rizk expected that gold will continue to rise globally during the coming period, and that the price of the 21 carat most popular in the local market will reach 1000 pounds per gram before the Plouffe in the middle of next year 2021.
Globally, gold prices rose to their highest level in nearly two months, driven by the weakening of the dollar and hopes for more stimulus measures due to the Corona virus, under President-elect Joe Biden.
According to Reuters, gold in spot transactions increased 0.5% to $ 1960.99 an ounce, and earlier in the session, the yellow metal recorded $ 1965.33, the highest level since September 16.
In US futures, gold prices gained 0.6% to $ 1963.20.
“Expectations of more stimulus keep gold supported and push the dollar down … it could be the beginning of a long rally (for gold),” said Hui Lee, economist at OCBC.
The dollar index recorded its lowest level in ten weeks, which increases the temptation for gold to holders of other currencies.
And unprecedented stimulus measures and low interest rates globally put gold on the path of recording its best year in a decade due to its attractiveness as a hedge against inflation and the devaluation of the currency.
As for other psychological metals, silver prices rose 0.9% to $ 25.81 an ounce, and platinum gained 1.4% to $ 901.42, while silver fell 0.7% to $ 2,474.34 an ounce.
- The situation in Egypt