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Gold Prices Rise Ahead of Chinese New Year

Taarek Refaat by Taarek Refaat
7:07 PM January 13, 2021
Gold Prices Rise Ahead of Chinese New Year
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Global gold prices rose by about $14 during Wednesday’s session, with political developments in the U.S., and new imports awaiting the Chinese New Year.

The price stayed positive for the third session, offering an incentive of $4.30 per ounce to new imports with nearly 4 weeks until the world’s heaviest gold-buying festival, the Chinese New Year.

The rise in the price of the yellow metal comes, with U.S. bond yields declining from the highest level since March. Economic data revealed that the inflation rate in the US rose by 0.4% over the past month.

Meantime, investors await the announcement of President-elect Joe Biden, a large stimulus plan to face the repercussions of the pandemic, as well as the Democrats’ attempt to impeach President Donald Trump.

By the end of trading, the price of gold futures contracts for February delivery rose by 0.8%, or the equivalent of $14, to reach the level of $1858 an ounce. The spot price of the yellow metal increased by 0.2% to $ 1857 an ounce.

During the same period, the main dollar index, which measures the currency’s performance against 6 major currencies, rose 0.2% to 90.29.

Prices have remained $30 an ounce lower for 2021 so far, yet, prices in China, the number one consumer, continue to remain positive.

Gold Prices in Egypt

18K                      EGP    696

21K                      EGP    812

24K                     EGP    928

Coin(8g)            EGP    6496

Ounce(31.1g)    USD  1866

Tags: gold priceGold Prices in EgyptGold Prices Rise Ahead of Chinese New Yearounce priceأسعار الذهبارتفاع أسعار الذهب قبيل رأس السنة الصينية الجديدةاسعار الذهب فى مصر农历新年前黄金价格上涨

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