Mohsen Fawzi, one of the 18-carat gold manufacturers and the head of King Gold, expected a drop in gold prices in Egypt of one hundred pounds per caliber in the market in the event that the Corona drug proved its effectiveness, indicating that the mere announcement of the American company Pfizer about the vaccine in the middle of this month made gold in the world decline more From 100 dollars, in Egypt, it fell more than 40 pounds.
Fawzi added to “The Seventh Day,” that the steadfastness of the vaccine, which was announced, will push investors to take risks, and give up gold as a safe haven, and this will lead to a significant drop in prices during the coming period, adding: “This must be accompanied by stability in the political and economic situation. At the level of major countries. “
Mohsen Fawzy added, that the gold market in Egypt is directly linked to the changes in the global price, and the decline in global gold prices is currently linked to reaching a treatment for the Corona virus, and if the drug proves its effectiveness, the markets expect a sharp decline, but a basic condition is that there will be no major political, security or economic disturbances. .
He explained, that gold lost 40 pounds on November 9 just to announce the vaccine, and since that date, gold has not been able to break the resistance barrier again, which is the point of “1900 dollars”, and has remained at levels ranging between 1855 to 1870 dollars so far.
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