Egypt’s gold prices recover despite global losses: Sabayek Misr

Gold prices in Egypt relatively recovered at the end of last week despite the decline in global gold prices due to U.S.-China trade developments, Sabayek Misr’s chairman Ragab Hamed said on Monday.

Hamed explained that the global gold market sustained more than 3.5 percent loss in its profits last week, with the ounce of gold recording $1,455, marking the biggest weekly loss the global gold market had seen in three years, stated the weekly report on gold prices issued by Sabayek Misr on Monday.

He explained that the decline in global gold prices was the result of the positive progress in US-China talks, and the US announcement that it intended to lift tariffs on a number of Chinese commodities, causing the US dollar index to rise to 98.4.

“The demand on gold bullions and jewelleries in November has significantly increased, compared to the previous months, especially on the 10g and 100g gold bullions.

Moreover, 21-carat gold jewellery sales increased due to the decline in their prices, that dropped to 662 pounds per gram, down from 757 pounds,” according to Hamed.

Source: Ahram Online