Gold rose further on Wednesday after breaking the $2000 barrier following a less optimistic report from the US labor market.
The precious metal rose for 13 consecutive days with a 1.4% rise that led it to an all-new high of $ 2,048 an ounce.
Silver also followed in the yellow metal on the fourth day of records, rising 3.6% to $26.91, bringing its 2020 increase to more than 50%.
The gains came as some investors became increasingly concerned after the return on government debt in the most economically developed countries fell to zero.
“Bonds look more expensive, offering the worst value in two decades. Gold is at an all-time high, but strong fundamentals and demand for asset persification entails more gains,” said Luca Paulini, chief strategist at Pictet Asset Management.
Gold Prices in Egyptian Market
In the Egyptian market, gold rose by EGP 15 compared to the prices on Tuesday, in conjunction with the rise of the ounce that reached $2,048 in the global market.
Ehab Wassef, Deputy head of the Gold Division at the General Union of Chambers of Commerce said that the price of today registered EGP 1,046 for the 24 karat, 21 karat reached EGP 915, and the 18 Karat recorded EGP 784, while the 8g gold coin recorded EGP 7,320.
Globally, prices rose by about $27 during Wednesday's trading, bringing the metal to a new record, with economic data and expectations of a weaker US currency.
The yellow metal benefits from the weakness of the US dollar, which is considered an alternative to the safe haven, making gold cheaper for holders of other currencies.
The metal is receiving support from further stimulus measures aimed at recovering the exhausted economy from the epidemic, as negotiations for a new stimulus package worth $1 trillion is still underway.
24 karat EGP 1,046
21 karat EGP 915
18 Karat EGP 784
8g coin EGP 7,320
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