On Thursday, gold prices witnessed a remarkable increase in all bullets by 10 pounds, as a result of the global gold price increase of more than 25 dollars due to the high demand for the precious metal, while the goldsmiths market in Egypt and the sales movement stopped until Saturday 31 May.
The price of gold fell throughout yesterday, Wednesday, at a value of 7 pounds, but the yellow metal regained its rise again locally, due to the high price of an ounce of gold recorded at 1721 dollars, while gold recorded today 21 carat, which is the best-selling in Egypt, 760 pounds per gram so far.
Mustafa Nassar, an expert in the precious metals market, said that gold prices record 760 pounds as the price of 21 carat gold, which is the best-selling in Egypt, 18 records 651.50 pounds per gram, 21 caliber registers 760 pounds per gram, 24 carat records 868.5 pounds per gram, and the gold pound is 6080 pounds, gold ounce 1721 dollars.
Gold prices recovered on Thursday after touching the lowest level in two weeks in the previous session, as a rift erupted between Washington and Beijing over Hong Kong, while prices also received support from central banks and governments pumping money to ease the consequences of the Corona pandemic. I, according to Reuters news agency
And gold rose in immediate transactions 0.6% to 1718.67 dollars an ounce by 0748 GMT, after falling to 1693.22 dollars an ounce yesterday, Wednesday, before reducing its losses. Gold in US futures rose 0.4% to $ 1717.70 an ounce.
The deteriorating relations between the two largest economies in the world will hinder global economic activities that are already under immense pressure due to the Corona crisis.
“The United States and China have differences on several fronts, there is trade and there is an investigation into the Coronavirus and now there is disagreement over Hong Kong,” said Michael McCarthy, chief market strategist at CMC Markets.
“The United States is likely to respond to the new Hong Kong security laws, weak economies and continued low interest rates also support gold prices,” said John Sharma, economist at the National Bank of Australia.
Japan has agreed to a new stimulus package worth 1.1 trillion dollars, while the European Union has revealed a package worth 750 billion euros, and the major stimulus measures usually support gold, which is considered a hedge in the face of inflation and currency depreciation.
For other precious metals, palladium rose 1.8% to $ 1970.79 an ounce, and platinum rose 2.1% to $ 836.46 an ounce, and silver settled at $ 17.29.