2023-04-28 10:24:00
01:24 PM
Friday, April 28, 2023
I wrote – Sherine Salah:
The price of a gram of gold in the local market has jumped dramatically during the past days, despite slow movements in the global gold market, according to Naguib, former Secretary General of the Gold Division of the Cairo Chamber of Commerce, to Masrawy.
According to Naguib, the price of a gram of 21 carat gold increased by the end of trading on Thursday to 2800 pounds per gram, compared to 2510 pounds, last Monday – the first day of trading on the global stock exchange and price changes for the new week in the local market.
Naguib added that the current levels of gold in Egypt are historical levels that the local market has not reached before.
Reasons for the rise of gold in Egypt
Naguib mentioned that the rise in the price of gold in Egypt is due to 3 reasons, the first of which is the rise in the price on international stock exchanges to the level of two thousand dollars since last week.
The global price of gold recorded regarding $2,000 during last Thursday’s trading session, before falling back to less than $2,000 an ounce at the end of last Friday’s session until the beginning of this week, the last session of the week, according to Bloomberg agency data.
The second reason behind the increase in gold in Egypt is the rise in the price of the dollar in the parallel market, to exceed 36 pounds, following it witnessed a decline during the past week, according to Naguib to Masrawy.
Economists who spoke to Archyde.com news agency expected, in a poll published today, Thursday, that the value of the Egyptian pound once morest the dollar would drop to 34 pounds by the end of December 2023.
The agency said that expectations indicate that the dollar will continue to rise to the level of 35 pounds by the end of December 2024, and then to 35.07 pounds per dollar a year later.
While some analyzes expect the price of the dollar in the coming period to reach the level of 40 pounds or more, some analysts believe that this scenario is not feasible, and that the price of the pound does not need to decline further.
Said Imbaby, executive director of the “iSagha” platform for trading gold and jewelry via the Internet, said in a statement on Thursday that the price of gold is trading locally according to the exchange rate of the dollar, which exceeded futures contracts, as it recorded regarding 50 pounds, during Thursday’s dealings, indicating that the market is suffering. from manipulations.
The third reason for the increase in gold prices, according to Naguib Club, is the high demand for consumers to buy gold bullion as a safe haven, following record highs during the past few days, which also pushed gold in Egypt to rise to these levels.
On expectations of the future of gold prices in Egypt during the coming period, Naguib said that the market is in anticipation of the next US Federal Reserve meeting regarding setting the interest rate, and also anticipates the price of the dollar in banks following the Eid al-Fitr holiday.
And it raised interest rates for the ninth time in a row, by 0.25%, following the end of its second meeting this year, to decide the fate of interest, to range between 4.75% and 5%.
Read also:
The day of the historic ascension.. a new jump in the price of gold and grams at 2800 pounds
We are going through a difficult circumstance.. The head of “Ai Sagha”: Gold prices in Egypt were linked to whims and interest
After gold’s skyrocketing jumps, do you buy now or not?
It will reach 34 pounds by the end of the year.. A Archyde.com poll predicts an increase in the price of the dollar in Egypt
After Standard & Poor’s expectations.. Will the price of the dollar in Egypt reach 40 pounds?
1682681816
#reached #pounds #gram. #reasons #crazy #high #price #gold #Egypt
