In exclusive statements to Akhbar Al-Youm, the economic expert, Ahmed Moati, expected a decline in gold prices in Egypt by between 25 and 30 pounds per gram without workmanship in the event that the ounce price breached the 1760 dollar barrier.
He explained that the current prices are suitable for those who prefer to buy small gold pieces such as rings or lightweight bracelets, but the price difference in the event of waiting will be more beneficial to gold investors by purchasing gold bars.
Maati advises buying in 3 phases in case of buying large quantities to ensure purchase at reasonable prices, in light of experts’ fears of Jerome Powell’s indication of the possibility of his reversal from yesterday’s decisions to reduce the asset purchases program in the event of the deterioration of the US economic conditions during the next month. is expected
Gold prices witnessed a drop yesterday, Wednesday, November 3, by 7 pounds, affected by the drop in the international price of gold, as the price of an ounce declined from 1797 dollars to 1761 dollars.
Economist Ahmed Maati explained that the main reason for the decline in gold prices is the confirmation by Jerome Powell, the first president of the US Federal Bank, to reduce the purchases of the asset program in the United States of America by an amount of 15 billion per month, and the value of its payments until last October amounted to 120 billion dollars per month to confront the Corona pandemic and support the American economy in The pandemic remained, causing gold prices to rise and inflation to rise.
Maati explained that reducing the asset purchases program would raise the price of the dollar globally and put pressure on gold prices globally to decline, and pointed out that Jerome Powell confirmed the end of the asset purchases program by mid-2022 so that the US Federal Reserve would take steps to raise the interest rate in American banks, on the other hand, the US employment data reflected better From the last period, where the American private sector added 571,000 jobs, which is more than expected, 400,000 jobs.
Maati expects a further decline in gold prices
Also, the rise in American and European stocks, and the decline in the Morgan Stanley index