Gold prices in Egypt jumped, starting with trading week today, Monday, at 45 pounds, against the backdrop of the rise of global gold at 3929 dollars in the first sessions of the week.
Gold prices today:
– 24 caliber records 5977 pounds
– 21 caliber records 5230 pounds
– 18 carat records 4483 pounds
Gold pound 42000 pounds
Weekly gains for local gold for the seventh week in a row
Ihab Wasef, head of the Division of the Gold and Pre -Minerals in the Federation of Industries, confirmed that the local gold market continued its strong performance during the past week, recording new record levels supported by the historical rise in the price of the ounce globally, which exceeded the first time the level of $ 3897 an ounce before closing at $ 3886, an increase of 3.4% in one week.
“The gold prices in the Egyptian market recorded gains for the seventh week in a row, as the 21 carat – the most trading – rose by 2.95%, equivalent to 150 pounds, to close at 5230 pounds per gram, after it started the week at 5080 pounds, and recorded the highest level at 5245 pounds and the lowest price at 5073 pounds per gram.
The head of the division explained that the yellow metal in Egypt was able to preserve its gains despite the recent decline in the exchange rate of the dollar in official banks, which reflects the state of confidence in gold as a safe investment resort in the face of economic fluctuations, especially in light of the continued standard global rates.
Expectations of liquidity move towards gold with a decline in bank returns
Wasef added that the Egyptian Central Bank’s decision to reduce interest rates by 100 basis points during the past week, bringing the return on deposit to 21% and lending to 22%, had no immediate impact on gold prices, but it may be reflected in the medium term through the movement of some liquidity from banks to investing in gold with a decline in the return on bank certificates.
He pointed out that global gold is still moving in a clear rising direction, supported by the expectations of the continuation of the interest reduction policy by the American federal, as well as concern about the possibilities of government closure in the United States, which increases the global attractiveness and gives it additional momentum.
Wasif expected that the rising trend will remain the dominant of the local and global markets during the coming period in the medium and long term, as long as global inflationary pressures and monetary facilitation policies remain continuous, stressing that the Egyptian market will continue to benefit from this wave, especially with the stability of prices near its historical levels.
