Gold prices witnessed a remarkable decline that did not happen in a while, reaching their lowest level in 8 months, and the price of 21 karat gold today ranged between 749 and 751 pounds;
Lower gold prices
Ihab Wasfi, deputy director of the Golden Jewelery Division at the Cairo Chamber of Commerce, said that it is now an appropriate opportunity to buy gold for those who wish to buy it, whether for investment or using it as “jewelry,” and advised citizens: “Everyone who has money can buy now.”
On the decline in gold prices and people waiting for a few days to expect it to decline further in the coming days, Wasfi said in his speech to the homeland: “No one can expect this. The stock market is open and bonds are the main reason for the decline in the price of gold, as well as the dollar, so in substance we buy at the time. As long as it is cheap, ”he said.
Naguib Club, the former general secretary of the gold division of the Cairo Chamber of Commerce, said that the current levels of gold prices are a good opportunity to buy it, and it is expected that prices will gradually rise during the coming period.
Naguib advised those wishing to buy gold for investment purposes to buy bullion because it is not loaded with workmanship, taxes, value added, or stamps, followed by gold pounds.
Also, the postponement of the approval of the US stimulus until now is the main reason for the decline in the price of gold, according to Najeeb, which indicates that prices will continue to fluctuate during the coming period.
It is noteworthy that gold prices fell on global stock exchanges, to their lowest levels in 8 months, due to the improvement of the dollar index against the major currencies and the rise in US Treasury bonds, which reduced investors’ desire for the yellow metal.
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