Gold prices in Egypt recorded a noticeable increase in the value of 7 pounds in today’s transactions, as the 21-karat gold, the best-selling market in the goldsmiths market, rose to 717 pounds per gram, to exacerbate the crisis of declining sales in the yellow metal since the beginning of March 2020, due to the outbreak of the Corona virus.
Gold prices today in Egypt:
Caliber 18 recorded 614.5 pounds per gram.
Caliber 21 recorded 717 pounds per gram.
Caliber 24 recorded 819.5 pounds per gram.
The gold pound recorded 5736 pounds.
An ounce of gold is 1663 dollars.
Reasons for the high price of gold
Gold rose on Thursday as investors hedged risks ahead of a long weekend and a meeting of major oil producers later on Thursday aimed at curbing market deterioration, amid improved risk appetite in the hope that the Corona virus epidemic would come close to receding..
And gold rose in immediate transactions # 0.6 to $ 1654.94 an ounce by 0719 GMT, after reaching a four-week peak of $ 1671.40 on Tuesday. It rose by more than 2.3% since the beginning of the week, and US gold futures increased 0.4% to $ 1691.70, according to Reuters.
“Gold is backed by hedging inflows of risks ahead of a long weekend and overnight activity risks,” said Jeffrey Haley, chief market analyst at Oanda.“.
OPEC and its allies will meet to decide on oil production cuts in an effort to support a market hit hard by the collapse of demand caused by the Corona virus pandemic..
Among other precious metals, palladium rose 0.3% to 2181.46 dollars an ounce, while platinum gained 0.9% to 735.78 dollars an ounce, after rising to the height of three weeks yesterday, Wednesday.