Wednesday , July 28 2021

Country Echo: Gold price today 6-12-2020

Gold price in Egypt stabilized at the beginning of today’s quotation, Sunday, 12/6/2020; After yesterday’s increase of the yellow metal, on Saturday in goldsmith’s shops all gold coins in goldsmith shops were distributed on average 2 pounds
The price of one gram of 18 carats at the end of the deal was about £ 685.

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The price of a 21-month caliber in circulation was around £ 799 per gram.

The 24 carat gram price was the highest at around £ 913.

The price of one gram with the lowest value of 14 carats reached £ 531 and £ 533.

The price of a pound of gold was approximately £ 6,392, an ounce of gold was approximately £ 28,400, and a kilogram of gold was approximately £ 913,143,000.

The price of gold in Egypt varies by execution as its value varies from one goldsmith shop to another, and the average price of works and seals in goldsmith shops ranges from £ 30 to £ 65, depending on the type of gold caliber, as well as from different shops goldsmiths and from one province to another and from one merchant to another.

The execution of the total price of gold is a percentage in the range of 7% to about 10% of the price of a gram of gold. The higher the percentage of minerals present, the less carats there are. An ounce weighing 31.1 grams is used as the unit for the weight of jewelry and gold bars.

Ihab Wassef, head of the gold department at the Federation of Chambers of Commerce, said gold prices are interrelated and that if it affects gold prices in any country, it does affect other countries.

Wassef added in his statements that the Corona virus crisis is impacting the overall economy and is slowing down, therefore it has affected gold prices.

He pointed out that the Corona virus caused gold prices to rise as many people resorted to obtaining gold in times of crisis.

Corona’s impact on gold prices will fade or stabilize after a year and a half, he noted, rather than soon, due to the sustained economic impact and the length of the expected recovery and return of work in various sectors to its previous era.

He continued that gold was a safe haven for everyone and the easiest investment to turn into cash compared to cars and real estate, as gold doesn’t lose much and is easy to sell, so we recommend buying gold in times of crisis in general, and especially during this period.

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