[ad_1]
Gold prices returned to the Egyptian market during today’s trading Thursday, supported by rising precious metal prices around the world, in addition to increased buying demand after gold has suffered heavy losses in recent trading.
According to the Gold Division of the Federation of Chambers of Commerce in Egypt, the 21-karat gold gram, which is the most traded in Egypt, registered an increase of about 6 pounds, bringing the price per gram to the Thursday trades at the 772 pound level.
Prices began to rise late in the session from Wednesday’s session, as prices started to catch their breath with support from the rise in gold on global stock markets.
Globally, global gold prices rose 0.31% early in Thursday to hit $ 1,758 an ounce. As fears of an increase in infections with the mutated Delta strain of the Corona virus eclipsed pressures from the rising dollar and bond yields, as investors waited for US inflation data due to be released later in the day.
In the Egyptian market, a gram of 24-karat gold marked around 883.5 pounds, and the price of an 18-karat gram rose to 662.5 pounds. The price of the gold pound reached the level of 6,184 pounds.
Risk appetite remains low in broader financial markets, as coronavirus infections continue to rise in several Asian countries, threatening the economic outlook and pushing some investors into asset markets and safe havens.
Gold posted its largest percentage gain since the May 6, 2021 session on Wednesday. US gold futures rose 0.2% to $ 1,756.30.
As for other precious metals, silver fell 0.5% to $ 23.41 an ounce. Platinum also fell 0.4% to around $ 1,013.23, while palladium rose 0.1% to the $ 2,639.56 level.
Source link
