©Reuters.
Investing.com – Yellow metal prices in Egypt are experiencing abnormal increases that have reached the point of price declines, while gold item prices in the market are experiencing crazy increases, which have reached unprecedented levels in the yellow metal.
And at close of trading yesterday, Sunday, it suddenly rose in Egypt by more than £40, while it rose during early trading today, Monday, by around £180 new, to hit new unprecedented highs.
On the other hand, the iSagha internet gold and jewelry trading platform has stopped publishing the movement of gold prices in local markets during today’s Monday trading due to market instability.
Stop valuing gold
Some internet gold trading platforms have stopped posting the movement of gold prices in local markets during today’s Monday trading due to market instability following crude manipulation in moving prices to unprecedented levels, according to a statement.
The statement stated that the price of one gram of 21-karat gold exceeded the level of 1800 pounds, despite the stability of the trading price of an ounce on the world exchange, at the level of 1797 dollars.
Saeed Imbaby, a member of the Gold Division, said that the company he manages halted the price movement until the market stabilized, in light of the presence of crude manipulation under the illusions of supply and demand, so that the price of one gram of 21 carat gold exceeds the level of 1800 pounds, in addition to the existence of a price discrepancy within the market up to the level of 1850 pounds. after the local price is been separated from the international price.
A member of the Gold Division added that gold prices moved sharply on Sunday despite the weekly holiday and the cessation of trading in the markets, which proves the existence of speculation, manipulation and monopoly of the commodity to increase the prices, in addition to the price of a dollar in the parallel market which exceeded about £36.
Gold Division
The head of the Gold Division of the Chambers of Commerce, Hani Milad, commented on the new increase in the price of gold locally, saying, “As traders we are not happy with the price increase, because the fluctuation affects the trader and the consumer at the same time.”
He added that gold on the global stock market has hit 1,800 as the latest reports from US markets related to unemployment, inflation rates and others have caused gold on the global stock market to hit $1,800, after it was $1,600 more than a month ago.
The head of the gold division said: The local market is facing some pressures and other factors, the most important of which is the increase in demand in an abnormal way that we have not seen before, for several reasons…
-
High consumer demand in general
-
Raise awareness of savings among Egyptians
-
Gold is treated as a safe haven
-
Entry of some individuals and companies buying large quantities of gold
Other goals
The head of the gold division said that it is possible that there is a purchase of gold that is not for the purpose of speculation, but that the purchase may be with the aim of exporting to obtain dollars from abroad and other goods are imported with it.
He added: We have been monitoring some evidence emerging from us in the market, which is the trend of higher demand for gold.
And he went on to say that the pressure on the demand for gold due to the lack of imports decreased the stock in Egypt or increased the demand, and therefore this leads to an increase in prices, and this affects the merchant as well as the consumer.
The head of the gold division asked to buy gold from Africa and explained that there should be a careful study and focus on what is happening in the markets and find some solutions in the regions on how to deal with the high gold prices.
gold now
The price of 21 carats has risen by around £50 in just one hour.
The Gold Division of the Cairo Chamber of Commerce said gold prices rose by £180 in today’s trading as an ounce of 21-karat gold traded as high as £1830.
He added that one gram of 24-karat gold registered 2092 pounds, 18-karat gold registered 1569 pounds and 14-karat gold registered 1220 pounds, and the price of a pound of gold reached 14640 pounds.
gold globally
Futures contracts for the yellow metal surged during trading on Monday after a pause on Friday to extend its gains above $1,800 an ounce levels to hit its highest level in five months.
Gold in futures contracts rose during today’s trading to levels near $1822.9, the highest since June 27, up $11 an ounce, or 0.6%.
And US dollar prices soared during trading on Monday to levels near $1810 an ounce, an increase of about $11, or the equivalent of 0.6%.
