The price of gold throughout the week witnessed a state of stability at 833 pounds per gram over the course of Monday and Tuesday, then took a way to decline, recording 827 pounds on Wednesday morning, then fell to 820 pounds at the close of the trading on Wednesday 7 October, due to the decline in international gold prices, to below 1900 Dollar, as a result of the good performance of the American currency.
With the return of the dollar to decline due to the state of weakness in the performance of the markets, the demand for safe havens increased again, and gold rose 1.5%, heading towards achieving the second consecutive weekly gain, as the attractiveness of the yellow metal increased as a hedge against inflation, due to renewed optimism about a new US aid package to mitigate From the repercussions of the Corona virus.
The goldsmiths market in Egypt witnessed a recovery in demand for gold, with prices falling below 820 pounds per gram, but traders said that the recovery in gold sales will be temporary with expectations of a poor performance in terms of sales this year.
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