Gold Division: 40% of the demand for jewelry and 60% for bullion and pounds

2023-10-22 23:00:00

Books – Islam Saeed Monday, October 23, 2023 02:00 AM

Sameh Abdel Hakim, a division member, said gold In the Chamber of Commerce, there is a return to demand for gold bullion and gold pounds, with a sales rate of up to 60% compared to 40% for gold jewelry, despite price movements in the local market to levels above 2,400 pounds per gram of 21 carat.

He added in statements to “Youm 7” that bullion used to get the lion’s share of sales during the second quarter of this year at a rate of more than 70%, but demand for it decreased during July and August and until half of September 2023.

Sameh Abdel Hakim pointed out that there has been a noticeable decline in gold jewelry sales, with jewelry sales currently reaching 40% of market sales, pointing out that demand is growing for small-sized weights of gold due to price movements.

He explained that an ounce of gold has moved approximately $100 since the beginning of the aggression on Gaza, and there are ongoing developments. The gold market is awaiting the release of data on the American economy this week, including the preliminary reading of the gross domestic product for the third quarter. The gold market is also awaiting, at the end of the week, the Federal Reserve’s preferred inflation data, which is an indicator. Personal consumption expenditures, which may affect gold prices.

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