After its jump of 100 pounds per gram.. Is it a good time to buy gold?

05:20 PM

Tuesday 05 March 2024

Written by: Sherine Salah:

The price of a gram of gold jumped after a wave of decline, and the price of a gram increased by more than 100 pounds per gram by midday trading on Tuesday, after witnessing significant declines over the past days with the fall in the price of the dollar in the parallel market, according to Naguib Naguib, former Secretary General of the Gold Division at the Cairo Chamber of Commerce, said. To Masrawy.

According to Naguib, a gram of 21 carat gold today recorded about 2,900 pounds, compared to 2,770 pounds, compared to its price at the beginning of trading.

The price of a gram of 14 karat gold was about 1,933 pounds, the price of a gram of 18 karat gold increased to 2,486 pounds, the price of a gram of 24 karat gold rose to 3,314 pounds, and the price of a gold pound reached about 23,200 pounds.

Despite the increase in the gram today at this value, Naguib advises citizens to buy gold during the current period, indicating that this price is appropriate and low compared to its price last February.

Regarding the current buying and selling movement in the goldsmiths market, Naguib explained that the movement is characterized by calm.

Naguib expected the price of gold in Egypt to increase again by the middle of Ramadan to levels higher than 3,600 pounds.

Naguib attributed the increase in the price of gold today in Egypt to the rise in the global price of gold to above the level of $2,000 per ounce.

The price of gold on global stock exchanges rose to its highest level in 3 months, with expectations that the US Federal Reserve will cut interest rates during its June meeting, according to Reuters.

According to Bloomberg data, the global price of gold rose to about $2,127 per ounce (an ounce is equivalent to about 31.1 grams of 24 karat), an increase of 0.59% by Tuesday evening’s trading.

The London Gold Market Association said that the standard gold price in London reached its highest level ever at $2,098.05 per ounce in midday trading on Monday, exceeding the previous record of $2,078.40 recorded on December 28, according to Reuters.

“If inflation numbers remain low, gold will continue to trend upward,” Jim Wyckoff, senior analyst at Kitco Metals, told Reuters.

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