Gold settled today Sunday in Egypt, the third day of Eid Al-Adha, as it recorded 21 karat, which is the best-selling in Egypt, 878 pounds per gram, which is a record number in the goldsmiths market, with the continued rise in the price of an ounce of gold globally at 1975 dollars.
The movement of gold purchases stops during the weekly holiday of the goldsmiths market, which is scheduled for Sunday every week, but some retail stores in some governorates open their doors to consumers.
Gold prices today in Egypt:
Caliber 18 recorded 752 pounds per gram.
Caliber 21 recorded 878 pounds per gram.
Caliber 24 recorded 1003 pounds.
The gold pound is 7024 pounds.
An ounce of gold is $ 1975.
Gold achieved the best monthly performance in about four and a half years, as the dollar fell further after negative US data added to doubts about a rapid recovery from the economic decline caused by the Corona virus pandemic, which pushed investors towards buying the yellow metal, which is considered a safe haven.
The US dollar fell to its lowest level in two years and is heading towards the worst monthly performance in ten years, which reduces the cost of the precious metal for investors from other currency holders.
Contrary to US data that showed the largest economic contraction in at least 73 years in the second quarter, and the rise in the number of US jobless claims, the dollar was also affected as President Donald Trump sparked the idea of postponing the US presidential elections scheduled for November 3.
“The weak Q2 GDP highlights the weakening point of the economy, and investors are seeking refuge in gold,” said John Sharma, economist at the National Bank of Australia.
He added that the worsening of the Corona virus situation, the escalation of geopolitical tension and the decline in the dollar more, could push gold above the level of two thousand dollars.
Gold has risen more than ten percent since the beginning of this month, achieving the largest monthly gain in percentage since February 2016, and climbed to the highest level ever at 1980.57 last Tuesday.
The jump in gold gains since the beginning of the year to about 30%, driven by the exacerbation of the pandemic and low interest rates globally in light of widespread stimulus from central banks, given that the yellow metal is considered a hedge in the face of inflation and currency depreciation.