Gold Keeps Shining in Egyptian, Global Markets

Taarek Refaat

Gold prices rose in the Egyptian market by about EGP 8 within a week of trading, in conjunction with its rise globally by $54 to $1,730.19 per ounce.

Ehab Wasef, deputy head of the gold pision at the Cairo Chamber of Commerce said that the price of 24K reached EGP 888, and the 21K reached about EGP 777, while the 18K scored about EGP 666. Moreover, the 8g coin recorded EGP 6216.

Globally, gold prices turned lower when settling Friday's trading with the dollar and stocks gains, yet, it made weekly gains amid continuing concerns about the emergence of another wave of the global epidemic.

Gold prices maintained strong gains this week in all major currencies in London trade on Friday, to climb for the first week in four after the New York stock market suffered its worst drop since a record low in mid-March on signs of a second wave of coronavirus across the United States, which infected more than 7.5 million people globally, but it turned to land before the settlement with strong gains for the US dollar.

The Fed's Economic Outlook earlier this week gave a pessimistic view of the possibility of a rapid and sharp recovery in the economic activity of the United States.

Prices for the yellow metal have risen about 20% since touching a three-month low in mid-March.

It is note worthy that trading in gold begins in global markets from Monday to Friday, provided that Saturday and Sunday are an official holiday.