Business Gold prices rise to a record level .. Experts...

Gold prices rise to a record level .. Experts and traders: the time is right to invest in the «yellow metal»



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Posted on: Monday 3 August 2020 – 8:27 pm | Last update: Monday, August 3, 2020 – 8:27 PM

Division head: Gold is a safe haven for institutions and a way to preserve value and savings .. Tawfiq: All expectations confirm the continued increase in prices

A number of experts and gold traders see that the current time is suitable for investing in the yellow metal, especially with global expectations that its prices will increase further during the coming period, in light of the foggy situation in the global economy as a result of the spread of the Corona pandemic and the increase in trade tensions between China and America.
Rafik Abbasi, head of the Golden Crafts Factory Division in the Federation of Industries, said that the current time is appropriate to save the money of citizens through gold, because it is better than saving currencies, whose value is lower in the long run, while gold is in a permanent rise, indicating that gold is a safe haven for institutions Economic, governmental and a means of preserving value and saving for individuals.
Abbasi added that the demand for buying gold bars rose during the last period, as some customers who had shares and bonds tended to sell and invest in gold by buying and saving alloys, noting that the domestic market relied on sales to the middle class who bought jewelry by 80%, while from Buy alloys not exceeding 20%.
He continued that the investment in the dollar, real estate and stocks is declining, so the investor must save gold in order to preserve its value in this unstable situation, especially with the trend of governments and international banks to save in the yellow metal as well.
Bushra Ibrahim, a member of the Golden Artworks Division in the Cairo Chamber of Commerce, believes that the current best time to save gold is because its prices are constantly rising, reaching about $ 100 per week, noting that the currency’s decline led to a rise in gold and increased demand for buying it as a safe haven.
He explained that the ease of buying and selling at any time is more characteristic of gold, and is easier to dispose of and convert into money, as it gives a greater return from the interest of banks, especially during the current days, and in the event that it does not rise, it maintains its value «all times are suitable for buying gold and whoever has money for it to buy ».
While Ibrahim revealed that the price increase decreased by sales of individuals, especially those who are about to marry, by about 70% during the blessed Eid al-Adha season, compared to last year, adding that sales do not exceed 30% only during the days of Eid, and purchase was limited to small sizes and sometimes only ring and ring.
According to Bushra, gold prices stabilized locally yesterday, at the last closing before the Eid holiday, where the gram recorded 21 carat about 872 pounds, 18 carat about 747 pounds, and 24 carat about 996 pounds.
The demand for gold and jewelry in Egypt decreased during the second quarter of this year by 70%, to reach 1.7 tons of gold compared to 5.5 tons during the same period last year, while 75.3% decreased during the second quarter compared to the first quarter of this year, which amounted to 6.9 tons. According to the data of the World Gold Council.
Globally, jewelry demand decreased during the first quarter by 53% over the same period last year, to record 251 tons in the second quarter of this year.
For his part, Amr Al-Alfy, Head of Research at Prime Securities Brokerage Company, said that gold is a stock of value that rises in the long term due to the increase in global demand for it, due to investors’ fear of the decline in the value of currencies over time, especially with the weakening of the dollar, explaining that it is preferred at the present time Buying gold in small quantities, for fear of market fluctuations and the possibility of gold falling again.
Al-Alfi stressed that the investor should choose the best saving vessels for him according to the time frame, “Whoever wants to invest in the long term must have 5% of his savings portfolio gold, especially with the global expectations for the yellow metal to rise significantly.”
He continued that the investor who wants a return in the short term is better for him to go to bank certificates with a return of 15%, and not all of his money or a large part of it should be put into buying gold, which may decrease and the investor loses his money.
Hany Tawfik, the economist, pointed out that all expectations go to increase the price of gold globally due to the state of uncertainty in the markets with the trade war between America and China, directing advice to buy while exceeding the necessary needs of investors, while those who need a monthly return to spend must go to Certificates of the 15% in banks or the stock market, for those who have experience with expectations of higher prices for some stocks in the future, “the investor must stay away from saving in real estate, especially since the supply is more than demand and its prices are significantly low.”
Globally, gold prices rose to export 3.7 million tons of agricultural crops to world markets in an unprecedented way yesterday, Monday, while boosting demand for the metal as a safe haven due to concerns about the economic implications of growing Covid 19 injuries, but a rise in the dollar limited the gains.
The spot price of gold stabilized at $ 1973.75 an ounce, after recording a record peak at $ 1984.66 in early Asian trade, and US gold futures increased 0.3% to $ 1992.10, according to Reuters.

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