Why did the gold market end its trading on the biggest weekly loss in a month?
Gold prices worldwide saw a significant drop of 0.7% to record an ounce of $ 1277, down more than $ 8. The yellow metal ended the week with the largest weekly loss of gold in a month.
The decline in gold prices to their lowest level in almost a month was due to the rise of the dollar supported by strong US economic data, which led the precious metal to record the biggest weekly loss since the third week of April, said Dr. Wadih Anton, member of the Precious Metals Division.
The price of gold in spot transactions was $ 1274.51, the lowest level since early May 2019, but rose slightly to $ 1277 an ounce, Anton said.
With regard to the impact of these developments on the market in Egypt, Anton explained that the market in Egypt has witnessed a decline in the prices of all the price of between 3 to 4 pounds, to record gold in Egypt, the lowest price in two weeks.
Gold prices in Egypt may witness some slight variation in the price of different calibrations in different governorates of Egypt. This difference in the price of gold may be 50 piasters or one pound.
The "Day Seven" service for readers and follow-up updates periodically and immediately to win the prices of all different prices in the gold market in Egypt.
Gold prices in Egypt are subject to supply and demand as well as change with the rise or fall in the global market as well as directly related to the dollar prices in the market parallel to the dollar and the banking market.
– Gold
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