Lotfy Al-Munib, Deputy Head of the Gold Division at the Federation of Chambers of Commerce, confirmed that the gold market is witnessing a state of significant increases, which led to an increase in the price of a gram by about 200 pounds, within hours, as the price of a gram now ranges from 2100 pounds to 2150 pounds.
New highs in gold
He pointed out in exclusive statements to “People of Egypt” that the local market today witnessed new heights despite the approval of the global stock market and banks today, led by the Central Bank, and therefore there was no change in the currency rate.
The secret of the high price of gold
He explained that the reasons for the rises are due to two reasons, one of which is justified and the other is unjustified, pointing out that the justified reason is due to global events such as the fall of Silicon Valley Bank, Signature Bank and the European Swiss Bank “Credit Suisse”, which led to the tendency of investors to hedge by buying large quantities of gold.
He pointed out that there was an unjustified situation in the local market, as a result of a general fear that led to the tendency of dealers to buy gold in large quantities for fear of its high prices, which greatly increased the demand for gold and raised its price.
Closing of transactions
Al-Munib explained that gold prices rose by about 100 pounds in the local markets during today’s trading, compared to the end of yesterday’s trading, as a gram of 21 carat gold recorded a level of 2150 pounds, while an ounce recorded a level of 1989.5 dollars.
And gold prices rose in the local markets by 125 pounds during yesterday’s trading, Friday, as a gram of 21 carat gold opened trading at the level of 1945 pounds, and closed transactions at the level of 2150 pounds, and the ounce rose by a value of 59 dollars, as the week’s trading opened at the level of 1930 dollars, Trading closed at the level of $1989.3.
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Tags: Gold Division rise prices reaction fall international banks . increase demand locally vacation