Ragab Hamid, partner partner of the Kuwait Alloys Group, stressed that the Egyptian gold market is considered one of the best markets for goldsmiths despite the current situation and the precautionary measures and current gold hikes that made the markets see imaginary levels of prices such as a kilo of 24k gold in the market for more than 911,000 pounds for the first time on The launch and the price of gold pounds 6380 pounds.
He explained that despite these rises, however, the demand for raw gold and bullion continues and the majority is keen to acquire gold as individual investments first and as a safe haven against Corona’s fears and we expect that with the return of life to the markets and the easing of the ban measures will revive the gold and silver market and increase sales Caliber 21 and 22 caliber.
And revealed the weekly report issued by the Kuwait Alloy Company, that gold achieved its highest price in 8 years, touching the level of 1780 dollars last Wednesday, achieving gains for the third week in a row and a rise of 1.4 in the water due to market data, investor fears and the search for safe havens.
Ragab Hamid said that despite the improvement of stock market indices and the consolidation of the dollar, the demand for gold, especially from investment funds, was the main supporter of the high prices.
And Rajab Hamid expected more price hikes in the coming period, with increased stimulus programs for central banks and lack of optimism about the return of the economic recovery, in addition to the fears of the spread of the second wave of the Corona pandemic and weekend trading. The biggest witness to this is where gold corrected on Friday to the level of 1748 Dollars and we expected to see an ounce below the level of 1730 dollars, but strong demand and purchases of individuals and central banks returned the ounce to the level of 1770 dollars and contributed to this decrease in risk appetite for investors and we review stock exchanges and the returns of US Treasury bonds for ten years.
The partner manager of Al-Sabeeq Group emphasized that the level of $ 1,800 an ounce has become very close to the current prices, and we expect that the end of the year will witness an ounce approaching the $ 2000 an ounce barrier, the same expectations of Citibank for two months, and buying at the current levels may be a good opportunity for those who wish to take profits To price hikes at the end of the year although gold currently achieved more than 18% higher than the prices for the beginning of the year and this does not prevent us from seeing some cases of correction and the ounce drops to less than 1750 dollars or 1700 dollars in the worst case and these corrections do not last much And the actual demand from goldsmiths markets and investment funds will be the main supporter of the return of prices.
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