With the approach of Eid al-Adha, those interested in the gold market may wonder, are we witnessing an increase in demand for gold, and are prices changing as a result of high demand, if any, as well as the future vision of the price locally and globally.
Mohamed Nour, one of the gold traders, said that the supply and demand factors in Egypt do not affect the price of the precious metal in the current period, and the main driver in prices is the global price of an ounce, and in spot trades, and this is related to a large number of factors, including economic reports, inflation in America, the price of the dollar and other currencies The interest rate and yield of US bonds.
Nour added, in statements to “The Seventh Day”, that the local market may witness some slowdown in sales during the next ten days before Eid al-Adha, and it may move partially during the days of Eid, but we do not count on that to move sales, because the nature of Eid al-Adha It is different from Eid al-Fitr.
He pointed out that gold sales are witnessing movements during the Eid al-Fitr period, due to the demand for network purchases and the spread of wedding parties, which does not happen during the Eid al-Adha period.
Regarding the future vision of the gold price globally, Muhammad Nour stressed that the global price cannot be predicted in the form of its movements in the coming period, because it is linked, as I mentioned, to a large number of factors and influences, and an emergency event or an unexpected economic report can change the course and form of trading in the gold market.
Mohamed Nour, one of the gold dealers