06:30 PM
Sunday 04 December 2022
I wrote – Dina Khaled:
Gold traders said, speaking to Masrawy, that gold bars and pounds have witnessed a great demand from consumers during the past few days, despite the significant increase in its prices, with the aim of investing in it as a safe haven.
The price of a gram of gold set a new record, reaching its highest level ever in the local market, reaching 1650 pounds per gram of 21 carat, compared to 1445 pounds per gram last Sunday, an increase of 205 pounds per gram.
Hani Milad, head of the gold division at the Cairo Chamber of Commerce, told Masrawy that the demand for buying gold bars and pounds has increased significantly over the past few days for the purpose of investment.
Club Naguib, former Secretary General of the Gold Division of the Cairo Chamber of Commerce, agreed with him, telling Masrawy that the demand for buying gold jewelry has declined significantly, but there is an increase in the demand for buying 24 karat gold in the form of alloys, or 21 karat as the gold pound, as it is a safe haven. .
Naguib added that the significant rise in gold prices came as a result of the rise in the price of the dollar, and the price of gold in the local market is linked to the price in the global market along with the price of the dollar against the pound, in addition to the high demand for gold locally, which raised the price significantly.
Milad believes that the high demand for gold for investment in light of the lack of supply due to the suspension of gold imports, led to a significant increase in its prices during the last period.
Milad added that it is not possible to predict what will happen to gold prices during the coming period, or predict its rise or fall.
The price of gold has increased by 107.5% since the beginning of this year, and the price of a 21-carat gram increased by 855 pounds, to 1650 pounds now, compared to 795 pounds at the end of 2021.
This coincided with the rise in the average price of the dollar against the pound in banks by about 8.85 pounds (56.2%) during the same period, to reach about 24.53 pounds for purchase, and 24.61 pounds for sale today, according to Central Bank data.
While international gold prices declined slightly during the same paragraph, as the price of an ounce fell since the beginning of the month by about $32 (by 1.7%), to reach about $1,798 by the end of trading on Friday.
The two factors affecting the pricing of local gold are the international prices of the metal, in addition to the exchange rate of the dollar against the pound.