Ehab Wasef, deputy head of the precious metals division in the Chamber of Commerce, said that the high dollar prices in the banking market pushed the price of gold to rise again by 3 pounds in evening transactions today, as the price of 21 karat gold, which is the most traded and sold in Egypt, reached 772 pounds per gram for the first time And, against the backdrop of the high price of the dollar in Egypt, and the rise in the price of an ounce of gold globally.
Gold prices today:
Caliber 18: 661.70 pounds
Caliber 21: 772 pounds
Caliber 24: 882.25 pounds
Gold Pound: 6,176 pounds
World price: $ 1716
Gold prices rose on Thursday after a rise in stocks driven by signs of economic recovery after a general isolation measures caused gold to record the biggest daily drop since April 30 in the previous session, according to Reuters.
The Egyptian currency fell to its lowest level in seven months at 16.23 to the dollar on Thursday, which is the fifth consecutive days of its decline after two months of trading almost unchanged.
The Egyptian pound, which compensated for some of its losses later in the trading session, fell 2.2 percent against the US currency since the beginning of the week, the largest weekly decline since March 2017.
And emerging market assets are under pressure around the world, as investors abandoned the most risky assets after the repercussions of the Corona virus pandemic swept the global markets.
Elia Spivac, currency analyst at DailyFX, said the market was seeing some “corrective move” after the sharp decline on Wednesday.
James Swanston of Capital Economics said that the deviation of the Egyptian pound is far from the level of 15.7 against the dollar, which has remained in it for most of the past few months, indicating that the Egyptian Central Bank has begun to loosen its grip on the currency.
“But as global risk appetite improves, it is likely that policymakers are feeling more comfortable now in allowing the currency to fall, and we expect it to drop further in the coming months,” he added.
The move, according to Renaissance Capital analyst Ahmed Hafez, who expects the pound to drop to 17 against the dollar by the end of the year, said the move was not surprising, but “a little faster than we had expected”.
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