It’s time to buy gold…a 21-carat surprise hit in August

2023-07-06 08:47:00

witness gold prices During the current period, a state of decline and price collapse at the level of all calibers, the price of 21 karat gold recorded regarding 2195 pounds per gram, while analysts considered that the current time is the most appropriate time to buy gold, as it records low levels starting from the current month of July, down from The level of 2800 pounds per gram 21 caliber Last April, the highest level the gold price reached in Egypt.

Gold traders expect prices to rise once more gradually, during the coming period, following the recent declines gold price It is still dependent on the price of the dollar and the movement of gold prices globally, and the ratio of supply to demand, as Nadi Naguib, former Secretary General of the Gold Division, at the Cairo Chamber of Commerce, expected that gold prices would rise once more gradually during the coming period, especially following the significant drop in prices during Eid al-Adha period.

Gold spikes in July and August

Najib expected it to rise gold price To the level of 2500 pounds per gram of 21 karat, following the drop in prices that occurred beginning of this week, when the price fell by regarding 80 pounds, justifying the decline due to the decline in demand for Buy goldAfter the turnout witnessed in the pre-Eid al-Adha period, gold sales are expected to increase during the months of July and August, coinciding with holidays and summer holidays.

He explained that the vacation period contributes to the recovery of sales every year, coinciding with the end of the school year and its expenses, so some people start to go towards buying gold.

For his part, Lutfi Al-Munib, Vice President of the General Division of Gold, stressed on citizens not to speculate in gold, and to be careful to confirm the truth of the prices, explaining that the movement of gold prices during the coming period is linked to the price in the global stock exchange, and the exchange rate of the dollar, as it is the event of an increase in the price. Globally, the price will rise in Egypt, and the same will happen if the exchange rate increases, and vice versa.

On the reasons for the recent decline in gold prices, Mounib confirmed that the decline came as a result of the lack of movement in the dollar price, with the beginning of this July.

Low global gold prices

Gold prices in spot transactions decreased by 0.5%, recording $ 1916.49 an ounce, by 18:32 GMT, while US gold futures fell 0.1 percent to $ 1927.10 upon settlement, and the US Federal Council agreed to keep interest rates unchanged during the June meeting. According to minutes of the meeting released Wednesday.

Gold prices today in Egypt

Locally, gold prices witnessed an increase today, as 21 karat gold rose, at a value of 10 pounds per gram, during Thursday morning’s trading, and 21 karat recorded, regarding 2200 pounds for sale, and 2175 pounds for buying, and the gold prices came as follows:

24 karat rose, 2514.25 selling and 2485.75 buying pounds. The 18 karat gold price recorded, regarding 1885.75 selling and 1864.25 buying. The 14 karat gold price recorded, regarding 1466.75 selling and 1450 buying. As for the gold pound, it reached 17,600 selling and 17,400 buying during the beginning of the morning trading.
1688647757
#time #buy #gold…a #21carat #surprise #hit #August