The gram of gold is expected to reach EGP 1,000 before the end of this year, Nady Naguib, the secretary of the gold pision at the Federation of Egyptian Chambers of Commerce (FEDCOC) said.
Naguib said on Wednesday that the price of gold continues to increase since the beginning of this year to record historical levels, accompanied by a wave of global hicks in the price of the yellow metal.
He explained that the 21 karats recorded today an all-time high at EGP 711 per gram, compared to EGP 709 yesterday, while the 18 karats recorded about EGP 611, and 24 karats EGP 811.
Naguib pointed out that that the 8g golden coin recorded 5680 EGP.
Globally, gold futures for December delivery rose 0.06 percent to record $ 1551.70 an ounce, after hitting $ 1554.56 on Monday, the highest level in six years.
The price of spot delivery for the precious metal settled at $ 1543.31 an ounce.
Gold is witnessing a boost as moments of global uncertainty are higher than ever before.
The metal could get as high as $1,600 an ounce by the end of this year.
Concerns about slowing global economic growth amid falling bond yields are encouraging investors to look for safe-haven precious metals.
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