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Business and Finance
Reuters
Gold in Egypt
Egyptian economic researcher Walid Farouk said gold continued to rise and that the ounce reached the level of 1,550 dollars, after gold boosted its gains in the month of April. August, 8%.
He explained in statements to RT that gold had gained 19.4% since the beginning of the year to reach its highest level in six and a half years, because of the trade dispute between China and China. the United States of America.
The trade dispute between China and the United States has prompted investors to protect themselves against gold in the face of uncertainties and fears about the weakness of the global economy, he said.
He pointed out that gold is a safe haven for investors who resort to economic crises and hazy scenes.
He expects gold to approach the end of the year at $ 1,600. Factors that support price increases remain, including the fact that global growth rates are still low, as well as the return of trade tensions at the interface between China and America, in addition to the risks geopolitics around the world, particularly with regard to tankers. Oil
He explained that the performance of gold prices in the global markets was reflected in local markets, where yellow metal prices were determined locally by the price of gold on the world stock exchange and the rate exchange rate of the dollar on the local market.
He added that gold prices in the local Egyptian market had risen 115 pounds since the beginning of the year until August of this year, reaching the highest price level of the history of Egypt.
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Source: RT
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