Mohammed Shaban
Published on: Monday, December 25, 2023 – 10:34 PM | Last updated: Monday, December 25, 2023 – 10:34 PM
Engineer Hani Milad, Head of the Gold and Jewelry Division at the Federation of Chambers of Commerce, said that the effects of the Israeli war on the Gaza Strip, in addition to the US Federal Reserve setting the interest rate on the dollar for the third time; They were reflected in the rise in local and international market prices for gold.
He noted during television statements on the “On My Responsibility” program, broadcast on the “Sada El Balad” screen on Monday evening, that investors are moving towards buying gold in the wake of the US Federal Reserve’s announcement of its intention to reduce the interest rate on the dollar three times during the new year 2024.
He added that expectations indicate that gold will reach record levels with the advent of the new year, explaining that the Federal Reserve’s decisions and the continuation of global political tensions enhance the chances of gold prices rising.
He pointed out that the price of the gold pound in the local market exceeded 25 thousand pounds for the first time in its history, attributing this to the increasing increase in the purchase of gold for the purpose of hedging in conjunction with the decline in market supply and the decrease in the rate of sale.
He pointed out that the price of a gram of 21 carat ranged between 3,150 and 3,170 pounds during trading operations on Monday. Pointing out that purchasing operations are directed towards buying bullion and pounds in order to hedge.
On the other hand, the head of the Gold Division denied; Closing of jewelery shops and stopping sales, coinciding with the continued rise in prices today.
2023-12-25 20:34:30
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