02:26 PM
Wednesday, November 6, 2024
Written by Dina Karam:
Naguib Club, former Secretary General of the Gold Division, in his interview with Masrawy, attributed the rise in the price of gold during today’s trading to record a new record to several local, regional and international factors.
Naguib Club indicated that the local market is witnessing a shortage in supply as a result of the reluctance of many merchants to sell amid a state of caution and anticipation in the market due to this emergency increase, which is believed to continue during the coming period.
Gold prices in Egypt jumped during today’s trading, recording a new record high, after the most widespread price of 21 carat gold reached 3,850 pounds per gram.
The price of 14 karat gold reached about 2,567 pounds per gram, the price of 18 karat gold rose to 3,300 pounds per gram, the price of 24 karat gold increased to 4,400 pounds per gram, and the price of the gold pound reached 30,800, according to Naguib Club.
He expected the price of 21 carat gold to reach 3,900 pounds by the end of the year, and may reach 4,000 pounds.
At the regional level, Najeeb Club confirmed that one of the other factors in the increase in the price of gold is the state of global tensions resulting from the Israeli war on Gaza, which led to an increase in global demand for gold, as a safe haven, which is reflected in prices locally.
According to the former head of the division, the upcoming Federal Reserve meeting may have an impact on gold prices, but that will be determined according to the report issued from this meeting.
The Federal Reserve – the US central bank – will announce the decision on the interest rate on the dollar tomorrow, Thursday, after it reduced it by 0.25% during its last meeting for the first time in 4 years to 4.75% and 5%.
Naguib Club indicated that the US elections could also affect prices, but its impact has not yet been clearly demonstrated.
Today, the Speaker of the US House of Representatives announced that Donald Trump won the US elections over his rival, Kamala Harris.
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