After a wave of declines … the rise in gold prices due to corporate profits

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Gold prices witnessed today, Monday, a significant increase throughout the day, which came by about 6 pounds, as a result of companies obtaining profits, and this is in addition to the increase that appeared on silver prices globally today.

In the same context, Amir Rizk, a member of the Jewelers Division, stressed that gold has a positive relationship with silver, and this is what makes them rise together in all dealings, explaining that the reason that made gold prices rise today is that companies reap profits, indicating that there are continuous expectations Increase during the coming period.

Rizk explained that the price of an ounce was 1864 dollars, 24 karat was 933 pounds, 21 karat was 816 pounds per gram, and 18 karat was 700 pounds, and the price of a gold pound was 6530 pounds.

For his part, Rajab Hamed, CEO of a Sabeeka group, said that the markets witnessed last week a fierce battle between hedge fund managers who bet on selling Gamestop’s shares in exchange for the masses of individual traders who turned the tables on hedge fund managers, in organized waves of buying for a large group of Individual traders who were previously the fuel in the markets in favor of positions of large speculators and fund managers.

Hamed explained, that the story began with the escalation of the wave of Coronas spread, as Gamestop lost customers as a result of the extensive closings it had carried out, and this made the company exposed to a decrease in its revenues, which made major speculators and fund managers take advantage of this situation and sell the company’s shares on the stock exchange, and this What made the share price rise from $ 30 to over $ 330 in less than a week.



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