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Gold prices are declining 3.2% within a week ... Why has the yellow metal collapsed globally?

Gold prices at the global level witnessed a significant decline this week, at a rate of 3.2%, as the price of an ounce of gold decreased from $ 1792 in last Monday’s trading at the beginning of the week’s transactions to $ 1734 at the end of this week’s transactions, down by $ 58.


The big drop in the price of an ounce of gold at the global level came against the background of a rise in the yields of modified US bonds, and this rise made investors tend to place their confidence in bonds and sell gold significantly, which caused an increase in the supply of gold, and then a significant drop in prices due to an increase Displayed.


Gold is under great pressure whenever there is any recovery in the dollar or in bond yields, and this partial recovery in the dollar this week came with the support of the US stimulus plan that aims to pump 1.9 trillion dollars, to save the US economy from its stumbling block due to the Coronavirus pandemic.


In the local market, gold prices in Egypt have witnessed during the period from Thursday until now, that is, in 72 hours, a significant drop of 20 pounds per gram in the goldsmiths market, and this significant drop in the price of gold in the goldsmiths market in Egypt is primarily due to the great drop in the price of an ounce. Gold worldwide.