Caliber 18: 715 pounds
Caliber 21: 834 pounds
Caliber 24: 953 pounds
Gold pound: 6672 pounds
World price: $ 1,909
Gold fell from the level of $ 1900 at the end of last week, to record the lowest price in more than a week, under pressure from the strength of the dollar and the lack of progress in talks on a new US stimulus package.
“It seems that there is no momentum to find additional buyers (for gold) … this is largely due to the fact that trading is taking place in light of the imminent US elections and stimulus speculation,” said Kyle Roda, an analyst at IG Markets.
The Precious Metals Division revealed that the imprinted gold in Egypt decreased by 30% during the year 2020 due to the Corona virus, and the sales rates have decreased significantly since the beginning of the year, and that all gold artifacts circulating in Egypt are stamped and it is not permitted to trade any gram of gold without stamping.
She added that stamping gold is a protection for the final consumer, and whoever buys non-stamped gold is exposed to the dangers of a monument, and the best-selling caliber is 21 due to the multiplicity of its formations, spread in all governorates of the Republic, and 99% of the gold in circulation is of the 21 karat.
She emphasized that a large number of Egyptians went to buy gold after the recent interest rate cut, but buying now is to buy bullion, which has seen an increase in its sales of more than 50% compared to last year, and many companies have devoted entire production lines to the production of bullion.
She indicated that the price of an ounce of gold never stabilizes for a long time, and it is not possible to expect a specific ceiling for the rise in prices, and until now the world has not reached to treat the Corona virus, and this foreshadows a rise in gold, in addition to the fact that countries return to close again will make gold a safe haven for a longer period, It is not possible to anticipate the situation of price increases in the coming period
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