Since August 5, 2020, the price of gold has been in a state of fluctuation between high and low, but gold remained at high levels in the first half of August, then took a path to retreat from the highest levels recorded in Egypt, which amounted to 920 pounds per gram for the first time in history during trading on it in Goldsmiths Market.
Gold retreated over the period from August 5 to September 23, 2020 “49 days”, with a value of 93 pounds in almost every caliber, as gold fell from 920 pounds per gram to 827 pounds per gram, relative to 21 gauge, which is the most popular in Egypt, because the price Gold throughout this period was affected by the problems afflicting the global economy, chief among them the failure to reach a treatment for the Corona virus, the damage to the dollar and the drop in the interest rate.
In Egypt, gold is not far from what the global markets are witnessing, with the gradual decline of an ounce of gold, which witnessed a decline from 2025 dollars to 1880 dollars, with a decrease of 145 dollars, a decrease of approximately 7.7%, and this was reflected in gold in Egypt, to fall from 920 to 827 Pounds per gram, with expectations of another decline in prices in the next few hours.
The price of gold reached its peak in Egypt on August 5, 2020, recording 920 pounds per gram, which is the maximum price recorded by 21 carat gold, which is the main caliber of the Egyptian market, after an ounce reached $ 2025, a record that gold recorded for the first time in the world.
Regarding the reasons for the rise in gold during the year 2020, observers confirmed that the low interest in trade leads investors to put their money in gold as a safe haven, which increases the demand for it in an unprecedented way and pushes it to record historical prices.
Globally, gold prices rose to exceed the $ 2,000 mark for the first time in history, last August, as demand for the metal, which is considered a safe haven, was boosted by a climate of extremely low interest rates and hopes for more stimulus in the United States to protect the economy affected by the Corona virus.
Globally, gold fell with the rise of the dollar to its highest level in more than a month, while investors remained skeptical about additional stimulus measures to support the economy affected by the Corona pandemic, while they awaited comments from officials of the Federal Reserve Board (the US Central Bank) this week.
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