04:11 PM
Wednesday 17 February 2021
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I wrote – Sherine Salah:
Global gold prices have fallen to less than 1,800 dollars an ounce, after the World Health Organization announced its approval of a new vaccine to treat the Corona virus.
Yesterday, the World Health Organization announced the approval of the “AstraZeneca Oxford” vaccine to treat the Corona virus.
Gold prices recorded a decrease of about $ 4.4, by 0.25%, to record the price of an ounce of $ 1970.05, according to Bloomberg data on Wednesday.
Ayman Abu Hind, an investment expert, founder and investment manager at AdviseBall Holding, told Masrawy that the emergence of new vaccines is leading to drops in gold prices on global stock exchanges, and investors tend to change course and invest in other areas.
Abu Hind added that it has already happened and non-investors have directed them to other areas such as stock market shares, treasury bills and sovereign bonds, with the World Health Organization announcing the first vaccines to treat Corona several months ago, indicating that this made the gold level of the stock exchange drop to $ 1800 after rising above The level of 1900 is at the height of Corona.
Abu Hind stated that the emergence of vaccines to treat Corona virus and the decline in its prices make gold lose its safe haven advantage, and the investor begins to sell his gold and invest in other things such as digital currencies.
The investment expert said that there are two possibilities for gold levels during the coming period, the first possibility is when vaccinations that are announced as a result and the virus begins to recede, that gold prices fall to between 1400 and 1500 dollars an ounce again, which is the pre-Corona level.
Another possibility is that gold levels remain hovering between $ 1750 and $ 1800 an ounce, and this is in the event that the Corona crisis continues in the coming months.
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