The price of gold in the global and local market recorded remarkable stability today, with the weekend and a complete halt to gold trading operations. The 21-carat, which is the best-selling in Egypt, recorded a price of 780 pounds per gram, and the global price of the yellow metal, according to the conclusion of the trading sessions, was $ 1777.
The price of gold in Egypt is now 780 pounds per gram of 21 carat, while the price of 18 carats recorded the price of 668 pounds per gram, and 24 carat gold reached 892 pounds per gram, and the price of one pound of gold recorded 6240 pounds.
George Abdullah, a member of the Precious Metals Division in the Chamber of Commerce, expected gold to return to a rise in its prices in the Egyptian market in light of a clear rise in the global price index despite the relative decline at the conclusion of this week's trading sessions by 0.93%, to record an ounce of $ 1777 against $ 1793.
He pointed out that an ounce of gold globally might rise to levels approaching $ 1790 an ounce tomorrow, referring to the decline in US bond yields to their lowest levels in more than a month.
Abdullah told Al-Youm Al-Sabea that global prices of precious metals are receiving great support from the decline of the dollar against a basket of major currencies, which reduces the costs of possessing gold, and this caused a significant increase in precious metal prices over the course of this month by more than 2.3%.
He indicated that the current stage may witness more support for gold in light of the continued decline in the yield of US bonds to low levels, and this increases the demand for other precious metals.
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