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In a move contrary to the views of economic badysts, gold prices in Egypt, during the Sunday trading, on the first day of Eid al-Adha, have stabilized at the same price level Saturday.
The price of a gram of today's 21-carat gold of 685 pounds and an 18-carat weight of approximately 587 pounds, and 24 grams of carats of approximately 783 pounds and the 5480 pounds at the same prices as today.
According to traders in the Egyptian gold market, stability is due to the closure of global markets, which are due to reopen on Monday.
Friday's gold prices ended the best week in the world for more than three years, staying close to $ 1,500 an ounce, backed by key central bank policies, rising tensions in the United States and negative returns on government bonds worldwide.
Traders said that the sharp rise in gold prices over the past week had disappointed their expectations regarding a recovery in demand during the Eid al – Adha season, a period of some 15 years. commitment and joy for the Egyptians.
Gold prices rose about 25 pounds during the week, supported by a historic increase in world crude oil prices, while Egyptian grams prices reached their highest level in history. 689 pounds.
Naguib, secretary general of the gold division of the Cairo Chamber of Commerce, told local newspapers that the market was suffering from a severe recession, which had risen after the sudden rise in prices, adding that customers were lacking sales , contrary to what was expected of this sharp rise.
Najib pointed out that the fear of many traders made them reduce the selling price from 5 to 10 pounds. "This is not good, but the trader justifies it by not guaranteeing the market."
Other traders have also predicted that gold price hikes would continue in the near term, but that they would begin to fall again as winter begins and demand declines.
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