01:49 PM
Friday 08 May 2020
–
I wrote – Shaima Hefzy:
Gold prices in Egypt jumped during the last week, and the gram price increased by about 16 pounds today, compared to last Friday’s prices.
The Club Naguib, Secretary General of the Gold Division of the Cairo Chamber of Commerce, told Masrawy that the price of a gram of 21-carat gold was 751 pounds today, compared to 735 pounds per gram, last Friday.
The price of a gram of 18 carat gold today reached 643.7 pounds, 24 carat to 858 pounds, and the gold pound to 6008 pounds.
And at the level of daily trading, gold is high today by about pounds compared to yesterday’s prices, which was 744 pounds per gram.
Globally, gold hovers near the highest level in two weeks today, Friday, as investors await the American jobs report to measure the strength of the economy after bleak economic data, which increases the possibilities of the Federal Reserve (the American Central Bank) cutting interest rates.
Lower interest rates put more pressure on bond yields and boosted demand for the yielding yellow metal, according to Reuters.
Gold settled in the spot transactions at 1717.49 dollars an ounce by 0712 GMT, after reaching its highest level since April 27 at 1721.76 dollars in the previous session. US futures added 0.2% to $ 1729.70.
The precious metal gained about 2% on Thursday, on the back of pessimistic US data, as well as foggy global economic recovery and relations between the United States and China. Since the beginning of the week, gold has risen about 1%.
– .
