23 Hrs
Source:
بوابة الشروق
_1777352244987_250242181.png&w=64&q=75){kind=small}
_1777352142843_145525226.png&w=64&q=75){kind=small}
Gold Market Faces Demand Drop
The gold market in Egypt experienced a significant decline in demand last week, due to fluctuating prices influenced by global gold movements and the dollar exchange rate. The price of 21-karat gold decreased by 0.5%, equivalent to about 30 Egyptian pounds per gram. The market began to lose momentum after failing to break through the resistance level at 6,400 pounds per gram, leading to increased reverse selling by consumers and a rise in supply, which limited gold's ability to rise further. Additionally, the dollar exchange rate increased by approximately 1.10 pounds, reaching a high of 51.40 pounds before retreating to 51 pounds. Meanwhile, global gold prices fell by about 0.6%, reaching a low of $4,282 per ounce before closing at $4,429. This trend persists amid ongoing purchases by central banks, especially China, of gold.
Size: 120%Text Size
Notice: This Is an AI-Generated Summary
Comments (0)