The head of the division reveals the reason for the rise in gold prices after the decisions of the National Bank

09:37 PM

Wednesday, March 6, 2024

Dalia Al-Dhanini wrote:

Hani Milad, Head of the Gold Division at the Federation of Chambers of Commerce, revealed gold prices in the local market following the Central Bank’s decisions to liberalize the exchange rate.

The head of the Gold Division added, during a telephone conversation with journalist Ahmed Moussa, presenter of the program “On My Responsibility” broadcast on Sada El Balad channel, today, Wednesday, that the Central Bank’s decision was reflected in the price of 21 carat gold, which recorded 3,150 pounds, according to the internal influences on the local market as well as there. Other factors affect the price of gold, explaining that the price of an ounce globally today recorded $2,150 for the first time in history.

Hani Milad added that the decisions of the Central Bank created a kind of stability in the gold market, pointing out at the same time that there are three factors that contribute to determining the price of gold: the global stock market, the forces of supply and demand, and consumer trends during the coming period, whether for buying or selling.

The head of the Gold Division expected the stability of the gold markets at a long-term level, adding that there was turmoil in the gold market with the beginning of the Central Bank’s decisions.

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