Friday 01 October 2021
I wrote – Shaima Hefzy:
Gold prices in Egypt rose significantly during trading today, Friday, and the price of a gram jumped 9 pounds at once.
Naguib Club, Secretary General of the Gold Division of the Cairo Chamber of Commerce previously, told Masrawy that the price of a gram of 21 carat gold recorded today 771 pounds, compared to 762 pounds yesterday.
Najib added that the price of a gram of 18 karat gold recorded about 661 pounds, and the price of a gram of 24 karat about 881 pounds, and the price of the gold pound recorded about 6168 pounds.
Globally, gold declined, as the dollar rose thanks to speculations of an increase in interest rates, but the yellow metal is still coherent above the important technical support level of 1750 dollars and is on the way to achieving a limited weekly gain, as concerns about high inflation and growth harm risk appetite.
And gold lost in spot transactions 0.2% to $ 1753.67 an ounce by 0915 GMT. US gold futures fell 0.2 percent to $1,754.30.
But the yellow metal is still up about 0.2% in the week, as the dollar’s decline yesterday, Thursday, contributed to gold recording a jump of about 2%.
Gold was also supported, as European shares fell after the decline of Wall Street and Asia on expectations that euro zone inflation may jump, in light of slowing economic growth.
But some analysts said expectations that the Federal Reserve is likely to gradually reduce its economic support this year continues to pressure gold, as lower stimulus and higher interest rates tend to push up government bond yields, increasing the opportunity cost of holding gold.