Corona incursion globally raises the price of gold .. The gram increases 14 pounds

03:17 PM

Friday 28 February 2020

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I wrote – Shaima Hefzy:

Gold prices continued to rise in Egypt for the second week in a row, with the emergence of the emerging Corona virus and its spread globally.

During the past week, the price of gold rose 14 pounds, to record 21 karat today, Friday, 714 pounds per gram, compared to 700 pounds last Friday, according to Naguib Club, Secretary General of the Gold Division at the Cairo Chamber of Commerce to Masrawy.

Over the course of two weeks, the price of a gram of gold in Egypt jumped 27 pounds, supported by the increase in international prices for the yellow metal, at a time when he received the demand for the origin of the safe haven.

The price of a gram of 18 carat gold today is 612 pounds, and the price of a gram of 24 carat is 816 pounds, while the price of gold pounds is 5712 pounds.

Globally, gold prices fell on Friday, as investors sold the yellow metal to take profits from a 1% jump in the previous session, but gold received some support as concerns over the rapid spread of the Corona virus spread, raising expectations for major central banks to cut interest rates.

“The virus is becoming much more dangerous … People are worried that some additional stimulus may be needed, and that means lowering (interest) rates,” said John Sharma, economist at the National Bank of Australia, adding that higher prices have led to some profit-taking. .

Governments from Iran to Australia closed schools, canceled major events, stored medical supplies and prepared for emergency responses with the announcement of new infections worldwide that exceed those on the Chinese mainland.

Global stock markets are heading for the worst weekly performance since the height of the global financial crisis in 2008 as investors prepare for the impact of the virus on economic growth.

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