Ragab Hamed, CEO of Kuwait Bullion Group, said that the Egyptian gold market appeared more buoyant since the beginning of the week and the demand for purchases appeared, and bullion and raw gold had the largest share because everyone wanted to buy gold for hedging and investment, not for decoration, and the price of 24 carat gold per gram reached 973 pounds. The gold pound earned 6810 pounds.
Hamed emphasized that the demand for gold jewelry was better than in the past weeks, and the demand for light and small pieces such as rings, bracelets, and chains increased, and the demand for sets and nets to start the end of the summer season and weddings decreased, and the 21-gauge gram reached 851 pounds and 18 caliber. 730 pounds per gram.
The Kuwait Bullion Group stated in its weekly report, issued today, that gold ended last week’s trading at the level of $ 1950, preserving its gains despite the storms led by the US Federal Reserve to support the dollar at the expense of gold, but gold ended its week close to the opening level supported by the high demand for the yellow metal The end of the week, especially on Friday, and it became clear that the end of the phase of horizontal trading for the ounce of gold, which lasted more than three weeks, will end with the break of the resistance and the trend towards the $ 2000 barrier, not the drop below the support and the trend towards $ 1900.
The report continued that trading was low since the beginning of the week and it was clear that everyone was waiting for the Fed’s meeting and the decision to postpone buying and selling after the Fed’s decision. Interest rates will be the preferred strategy for most investors, but waiting did not help much because the Fed did not bring any developments to the markets, but rather a decision was issued to stay. On interest rates, expectations were 90% and the markets returned to their previous state in the last two weeks between optimism and pessimism about the market recovery and the return of risk appetite. Precious metals were the beneficiaries of the uncertainty, as an ounce of gold rose on Friday to 1956 dollars, up $ 23 from the lowest level it touched on Thursday, and bids appeared strongly with the ounce falling below $ 1940.
The report emphasized that global markets are currently divided into two parts. The first is believed that the Corona crisis is about to end due to the presence of more than one party that started clinical trials and the success rate of obtaining vaccines for Covid 19 is high, and this is why expectations tend to trend gold to decline due to the low demand for it as a safe haven, And the other tends to the need to increase the possession of gold, and expectations of an ounce rise above $ 2000 have become close due to the return of more than one European country to the first square of the Corona case, and the imposition of the embargo and the closure control the atmosphere.
The report pointed out that all possibilities are in favor of gold because adherence to gold and possession of it will be the general character of individuals and investors before companies and investment funds, and no matter how correct the gold, expectations are still waiting for the level of 2000 dollars and 2300 dollars per ounce, and these rises may be achieved with the US elections next November or Then .
The report confirmed that silver appeared alongside gold, but sharply higher than what we are used to in previous weeks, and the silver range was confined to between $ 26.50 and $ 27.50 under the control of electronic trading on one side and the decision of the US Federal Reserve on the other hand, as an ounce of silver rushed from the beginning of the week towards The rise until it touched the level of 27.65 dollars on Tuesday and returned to decline after the Fed’s decision on Wednesday, with profit-taking operations touching $ 26.46 on Thursday, and with the end of the week, silver rose to close an ounce at $ 27.06 on the New York Stock Exchange.
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