Gold prices fell on Wednesday in the Egyptian market by about EGP 10, despite the increase in the ounce globally to the level of $1565 dollars, according to Ehab Wassef, Deputy head of the Gold Division at the General Union of Chambers of Commerce.
Wassef said that the price of 18K recorded EGP 585.40, while the price of 21K reached EGP 683, and the price of 24K reached EGP 780.50. He added that the price of the 8g golden coin also fell to EGP 5464.
Globally .. gold prices rose about $9 during the beginning of trading on Wednesday, with economic data awaited and amid the follow-up to the developments of the coronavirus.
The high price of gold came to offset after the losses recorded in yesterday's session of $ 27, amid the increasing number of victims, reaching 490 deaths and more than 24 thousand cases so far.
Prices of the precious metal rallied as a safe haven, although investor appetite for risk was backed by China's efforts to mitigate the virus’s effects on the economy.
White House Chief Economic Adviser Larry Kudlow said yesterday that the Coronavirus may delay the increase in US exports to China expected from the first-stage of the trade agreement that will come into effect later this month.
The slowdown in economic growth and the high price of gold in India reduced the demand for gold in the world's second largest buyer, as Hindu country's yellow metal imports fell by about 50 percent in January.
By the end of today's trading, the price of gold futures for April delivery rose by 0.6 percent, or $ 9 to $ 1565.10 an ounce.
The spot price also rose about 0.5 percent to $ 1560.76 an ounce.
During the same period, the main dollar index, which tracks the performance of the dollar against six major currencies, was stable at 97.958.
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