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Monday, 09 December 2019

Egypt's gold market stable despite global losses: Sabayek Misr

Doaa A.Moneim , Monday 11 Nov 2019
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Sabayek Misr Chairman Ragab Hamed said gold prices in Egypt relatively recovered by the end of last week despite the decline in global gold prices due to US-China trade developments.

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 EGP 662 per gram, down from EGP 757," according to Hamed. 

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