6.30pm
Sunday 04 December 2022
I wrote – Dina Khaled:
Gold traders said, speaking to Masrawy, gold bars and pounds have seen great demand from consumers in recent days, despite significant increases in its prices, with plans to invest in it as well. refuge.
The price of an ounce of gold set a new record, reaching its highest level ever in the local market, reaching 1650 pounds per gram of 21-carat gold, up from 1445 pounds per gram last Sunday, an increase of 205 pounds per gram.
Hani Milad, head of the gold division at the Cairo Chamber of Commerce, told Masrawy that the demand for buying gold bars and pounds has increased sharply in recent days for investment purposes.
Club Naguib, former Secretary General of the Gold Division of the Cairo Chamber of Commerce, agreed with him, telling Masrawy that the demand for gold jewelery has dropped significantly, but there is an increase in demand to purchase 24-karat gold in the form of alloys, or 21-karat gold as sterling, as it is a safe haven. .
Naguib added that the significant increase in gold prices was a result of the increase in the price of the dollar, and the price of gold in the local market is related to the price in the global market together with the price of the dollar against the pound, as well as to the high local demand for gold, which significantly increased the price.
Milad believes that the high demand for investment gold in light of the lack of supply due to the suspension of gold imports has led to a significant increase in its prices during the recent period.
Milad added that it is not possible to predict what will happen to gold prices in the coming period, nor to predict their rise or fall.
The price of gold has risen by 107.5% since the beginning of this year and the price of a 21-carat gram has increased by £855, to £1650 now, up from £795 at the end of 2021.
This coincided with the average price of the dollar against sterling in banks rising by around £8.85 (56.2%) during the same period, to reach around £24.53 for purchase and £24.61 for sale today, according to data from the Central Bank.
While international gold prices eased slightly during the same paragraph, as the price of an ounce fell about $32 (1.7%) since the start of the month, to reach about $1,798 by the end of the month. of Friday’s trading.
The two factors that influence the local gold price are the international prices of the metal, as well as the exchange rate of the dollar against the pound.
