Gold prices continued to rise for the second consecutive day by two pounds, today, Wednesday, against the backdrop of the rise in the price of an ounce of gold globally to 1750 dollars, which led to an increase in the price of gold in Egypt to 762 pounds per gram of 21 carat, which is the best-selling in Egypt.
Gold prices in Egypt
Caliber 18: 653.10 pounds
Caliber 21: 762 pounds
Caliber 24: 870.85 pounds
Gold pound: 6096 pounds
World price: $ 1750
Gold rose on Wednesday thanks to the growth in demand for safe-haven investments, with the extent of the damage caused by the Corona virus in the wake of grim data from major economies and the optimism about a possible vaccine faded, and gold rose in spot trading 0.2% to $ 1746.58 an ounce by 0606 GMT. And rose in US futures 0.4 percent to 1751.90 dollars, according to Reuters.
“The wave of so-called ‘vaccine of hope’ in equities has been weakened,” said Jigar Trivedi, commodity markets analyst at Anand Rathi, equity brokerage in Mumbai. Gold returns to the center with weak economic data released … Trade relations could turn into the worst at any moment. ”
The optimism that was sparked by early data about a possible vaccine has dissipated after a medical news website reported that it is not enough, which led to the decline of US stocks and the stability of Asian shares after this week’s rally..
Homebuilding activities in the United States fell at the largest pace recorded in April and building permits tumbled, raising fears that the pandemic could lead to the largest economic downturn in the second quarter of the year since the Great Depression..
In Japan, corporate confidence collapsed in May and hit its lowest level in ten years as companies anticipated a prolonged period of economic weakness, according to a Tankan Reuters survey..
Markets are now awaiting the minutes of the US Federal Reserve meeting held on April 28 and 29 and issued at 1800 GMT, and in other precious metals, palladium lost 0.9 percent to $ 2039.93 an ounce, while silver rose 0.8 percent to $ 17.53 and platinum rose 0.3 percent to 835.28 Dollars an ounce.