Buy or sell... Confusion grips savers because of gold

Experts and workers in the gold and gold jewelry sector expected that the prices of the yellow metal would continue to rise during the next year, attributing this to the continuation of global geopolitical crises and the US Federal Reserve’s tendency to reduce interest rates during 2024.

Gold experts revealed their expectations for prices during the coming period, offering a set of advice to those wishing to invest their savings through the acquisition of gold jewelry, to answer the question that occupies the minds of many about whether buying or selling is the most appropriate decision in dealing with gold these days.

 In light of the price of a gram of gold reaching about 3050 pounds, an increase of approximately 90% compared to the same period last year 2022, and an increase value of 1370 pounds per gram of 21 carat, according to official data from the Gold Division of the Cairo Chamber of Commerce.

Gold is a safe haven to preserve the value of the currency

Economist and strategic management expert, Dr. Wael Salam, said that gold is one of the safe havens for preserving the value of the currency.

“Salam” added that gold is one of the best means of preserving the value of the currency, due to the ease of selling it at any time if a citizen needs to recover his savings, in addition to the possibility of saving in it with the least money, stressing, “If you have 10 thousand pounds, you do not need them, you can buy gold and save the value.” Your money,” explaining that gold is suitable for those with small and large savings.

Gold prices will decline in the coming days

For his part, Dr. Naji Farag, Chairman of the Economic Committee of the Gold Division of the Chambers of Commerce, expected a decline in gold prices in the coming days, indicating that the reason for the current rise in prices is the rise in gold at the global level, as the bullion reached $2,065.

Regarding his advice for buying or selling at the present time, he said that it is preferable to be patient in making the decision to buy or sell, pointing out that there are expectations that gold prices will decline to 2,900 pounds in the coming days, stressing that if the citizen needs cash, there is no objection to selling.

Gold prices today compared to the same period in 2022

According to data from the Gold Division, the price of a gram of gold now recorded 3,050 pounds per gram of 21 karat gold, which is the most widely traded in the local market, compared to 1,680 pounds for the same gram of gold in the same period of the year 2022.

The price of 24 karat gold was about 3,485 pounds, compared to 1,920 pounds compared to the same day in 2022.

The price of a gram of 18 karat gold today, Sunday, recorded 2,614 pounds, compared to 1,440 pounds in the same period of the year 2022.

Gold increases

For his part, businessman Naguib Sawiris said that gold increases its luster during global crises, continuing: “No one knows when the war in Ukraine will end, and to what extent the repercussions of the civil war in Sudan will reach, and where the situation will reach in Gaza, and the repercussions of the Houthis joining that war.” Stressing that all these risks increase the uncertainty of the economic landscape, which makes gold the best safe haven for investors.