Gold prices continued to rise to record new historical levels not previously recorded at any time, as gold rose 9 pounds a short time ago in the goldsmiths market in Egypt, to record 21 caliber, which is the best-selling in Egypt, 754 pounds per gram for the first time.
Gold prices in Egypt after rising:
Caliber 18 recorded 647 pounds.
Caliber 21 recorded 754 pounds.
Caliber 24 recorded 862 pounds.
The gold pound is 6032 pounds.
An ounce of gold is 1744 dollars.
Reasons for the high gold
Gold has recorded a global rise, just $ 20 an ounce to $ 1744, compared to 1724 dollars this morning, due to the continuing uncertainty surrounding the global economy as a result of the outbreak of the Corona virus.
“Concerns about the economic outlook in particular are boosting gold. And liquidity from (the Federal Reserve) along with a background of low interest rates makes gold a much more attractive proposition,” said Michael McCarthy, chief market analyst at CMC Markets.“.
But he cautioned that in the absence of new news, there might be an “average downturn as investors and dealers reconfigure their positions.“.
Many countries and central banks have taken financial and monetary measures to support their economies in light of the outbreak of the Corona virus.
The US central bank announced a stimulus package worth 2.3 trillion dollars last week, while European Union finance ministers agreed to economic support worth half a trillion euros.
US stocks opened up to gains of more than 1 percent on Tuesday with the start of the results announcement season, as JPMorgan and Johnson & Johnson gave the first glimpse of the impact of the emerging Corona Virus pandemic on US companies.
The Dow Jones industrial average rose 299.80 points, or 1.28 percent, to 23,690.57 points, and the S&P 500 climbed 43.47 points, or 1.57 percent, to record 2,805.10 points. The Nasdaq Composite advanced 160.79 points, or 1.96 percent, to 8,353.21 points, according to Reuters.
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