Ihab Wasef, deputy head of the gold division at the Cairo Chamber of Commerce, revealed that the price of gold is declining with the increase in the yield of American ten-year bonds, which rises four basis points to 1.25%, the highest level since March, while its 30-year counterpart surpassed the 2% level.
He stressed that next week the yellow metal will try to compensate for its losses over the course of this week’s transactions, indicating that gold may rise again in trading, but it will not be a major rise in light of the continued speculation and with the strong return of US bonds.
And he continued, to “The Seventh Day,” that the attractiveness of bonds still affects investors’ decisions, as well as because the dollar is witnessing a partial recovery, and then the costs of possessing gold may be slightly higher, pointing out that the investor seeks to achieve more secure gains through resorting to American bonds, Which recorded revenues are almost the best since February 2020, and this is a climate that is viewed as a general picture that will support the decline of gold, but overall, the yellow metal will try to compensate for these losses, supported by a great ambiguity surrounding the future of the global economy in light of the Corona virus crisis.
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