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Gold Stable Above $4,000 Support
The head of the General Division of Gold at the Federation of Chambers of Commerce emphasized that gold prices are currently experiencing exceptional conditions, with rapid fluctuations in political, geopolitical, and economic events that significantly impact the market. He explained that expectations of the price of an ounce of gold dropping to $3,500 are unlikely, as gold has maintained a strong support level at $4,000, with the potential to rise again after any temporary decline. Additionally, prices have previously fallen from levels of 7,500 to 6,000 Egyptian pounds per gram. He forecasted that the price of gold could reach 10,000 Egyptian pounds, but the timing of this depends on factors such as inflation, interest rates, and economic crises, with the global price of an ounce remaining stable around $4,052.
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