2023-04-30 00:37:27
Gold prices are witnessing severe fluctuations during the current period, and have reached record levels. In light of this rise, many are looking for predictions The price of gold in Egypt And all over the world, and some analysts expect it to witness a significant decline before returning to rise again.
According to the founder of HS Dent, Harry Dent, according to him, the price of gold, which is currently trading at $ 2,000 an ounce, is witnessing a sharp decline and a major collapse in the near future, before it rises again in the second wave.
Dent explained that the price of the yellow metal will collapse by more than 50% of its current value, from $ 900 an ounce to $ 4,000 after the recovery of the markets and the next economic boom, in addition to other assets, and Dent says that gold It may reach as low as $900 an ounce in mid-2024.
Expectations of a decrease in the price of gold
According to Article published on “Investing” According to a Archyde.com survey, the price of gold is expected to decline, as gold is not considered a safe haven, and the price is expected to drop to about $900-1000, which is lower than the prices of some other commodities.
Dent, who predicted that the price of gold will decline by 2024, said that the growth that is occurring in some countries, such as India, for example, bodes well for long-term price expectations, and an indication of the consumption of the yellow metal in India will be the second largest importing market for gold in this year. .
Gold prices in Egypt are affected by the global market
During an interview with “Sky News Arabia”, an official in the gold industry in Egypt confirmed that the rise in gold prices is at the same time as the rise dollar priceIt is caused by the unstable global situation, the increase in demand over supply and other factors related to the provision of the dollar to import the yellow metal ore.
Wasfi Wasef, advisor to the Gold Division of the Federation of Egyptian Industries, said in a previous statement to Sky Arabia that the natural conditions indicate that the price of gold decreases when the price of the dollar increases in the world, and rises when the price of the dollar decreases, and this happens in light of the stable economic conditions globally. while laying International Economy The current state is witnessing instability, including Egypt, and this explains the situation that the price of gold does not decrease when the price of the dollar rises.
He added that the cost of extracting and selling gold ore to manufacturers is priced in dollars, and usually when the value of the dollar rises, the amount extracted from gold is more and thus its value decreases, but in the current situation, and because of the ongoing war, and global political and economic instability, the link between the price of the dollar and gold is no longer as it was.
Regarding the impact of gold prices in Egypt, there are three current factors affecting it, namely: the first factor is the price of gold in the global stock exchange, which is currently rising insanely, the second factor is the price of the dollar in the local market in Egypt and it is not available in abundance, therefore its price has increased, and the third factor is Supply and demand for gold, as demand exceeds supply in the local market.
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