Islam Saeed wrote
Sunday, November 19, 2023 09:00 PM
We publish the latest update in gold prices Today in Egypt, Sunday, November 19, 2023, in evening trading, which recorded stability at levels of 2720 pounds, while the demand for gold stabilizes in conjunction with the weekly holiday of the goldsmiths market in Egypt and the cessation of trading on the global stock market on Saturday and Sunday.
Gold prices today
24 karat records 3120 pounds
21 caliber records 2720 pounds
18 karat weighs 2340 pounds
The gold pound is 21,840 pounds
Demand for gold globally
Millions of people in India celebrate the five-day Diwali festival, which is an important event for the global gold market. India is one of the world’s largest gold consumers and the precious metal is often given as a gift during the celebrations.
The decline in gold prices at the beginning of the month helped to increase the demand for gold in India in preparation for the celebrations, which led the markets to expect a strong impact of this celebration on the demand for gold.
Expectations indicate that gold sales in India during the festival period will rise by 20% to 22%, which will lead to an increase in demand for gold by 25% to 30% compared to last year.
Strong physical demand in India and other emerging markets is expected to provide strong support for gold to maintain prices at appropriate levels until the end of the year. Especially since after the Diwali festival comes the wedding season in India, which also witnesses an increasing demand for gold.
It is worth noting that until the week ending last October 27, the demand for gold by gold-backed investment funds in the Asian region, including India, decreased by 1.6 tons.
But gold investment funds in the European region added 33.3 tons of gold to support the overall demand for gold by global investment funds, making the net demand positive by 28.2 tons.
2023-11-19 19:00:00
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