Gold prices rose in Egypt, today, Wednesday, by 3 pounds, due to the return of the rise in the price of an ounce of gold to 1770 dollars to the highest level of gold globally within 8 months, which led to the rise of the precious metal in Egypt to the level of 795 pounds per gram of 21 carat The best-selling in Egypt, which is the highest level of gold in Egypt, according to Ihab Wasef, deputy head of the Precious Metals Division in the Chamber of Commerce.
Gold prices after rising ..
Caliber 18: 681 pounds
Caliber 21: 795 pounds
Caliber 24: 808 pounds
Gold pound: 6630 pounds
World price: $ 1770
Wasef added that a report by the World Trade Organization that confirmed that the global economic slowdown reached 18.5% is the reason for the high demand for gold and then an increase in its prices.
Gold climbed to its highest level in almost eight months on Wednesday, as demand for the precious metal, a safe haven, received support from concerns about high incidence of coronavirus infection and hopes for more stimulus to combat economic damage.
Gold rose in immediate transactions 0.1% to $ 1767.93 an ounce by 0645 GMT after touching $ 1773, its highest level since October 2012 in early trading in Asia, according to Reuters, US gold futures rose 0.2 percent to $ 1785.80 .
“Concerns about the second wave, especially in the United States, and also in Latin America, are driving concern about continued weak economic recovery and that certainly supports safe haven assets such as gold,” said ANZ analyst Daniel Hines.
“Support continues from the likelihood that central banks offer the market programs to purchase bonds and monetary easing that will keep interest rates evidently low in the foreseeable future.”
Central banks around the world have adopted strong stimulus measures and kept interest rates low, which has helped gold prices rise more than 16 percent since the start of the year. The yellow metal is widely seen as a hedge against inflation and currency depreciation.
As for other precious metals, palladium fell 0.1 percent to 1921.46 dollars an ounce, platinum fell 0.3 percent to 826.54 dollars and silver fell 0.3 percent to 17.89 dollars.