gold
Spot gold went up 0.8%, recording $1,985.64 per ounce after hitting its highest since August 19 at $1,989.42 earlier in the session.
The company said in a statement Tuesday, that it achieved a pre-tax profit of $ 191.14 million, compared to $ 59.62 million in the first half of 2019.
The one gram of of 24-carat gold registered LE 1,006.85, while 21-carat gold hit LE 881, a new record high.
The first to discover gold was the Pharaohs, through excavations in the Eastern Desert, Red Sea and Nubia. Ancient Egyptians excelled in manufacturing gold and it had a strong presence in their life.
The value of the gold Egyptian pound hit LE 6,920, he added.
Sources told Egypt Today that 10 companies purchased the applications of the international gold exploration auction announced by Egypt earlier this year.
General Manager of Centamin Egypt Youssef al-Raghy told Egypt Today that the size of target production of Sokary Gold Mine in 2020 is 510,000 -540,000 ounces.
The company clarified that profit share distribution to Egypt recorded $87.1 million and royalty payments hit $19.7 million.
This came during a discussion session held by the Egyptian Minister of Petroleum Tarek El-Molla, with Cotts, according to a statement of the Egyptian Ministry of Petroleum.
Investors will be given the opportunity to bid on 320 blocks over an area of about 56,000 square kilometres in the Eastern Desert and the Red Sea.
Investors will be bidding on blocks which will be awarded to them within four months of the bid round being launched, the official said.
The Export Council for Building Materials (ECBM) said the UAE topped the list of importing countries by $1.378 billion in 2019.
The passenger was coming from Dubai.
The law has been approved but final details are yet to be published in the official gazette.
The fresh trade tensions come ahead a U.S. Federal Reserve meeting which is expected to see interest rates reduced by 25 basis points (bps) in its first rate cut in more than a decade.
On the setbacks of a 2014 bill tackling investment in gold mining, amid a recent bid by the government to amend current legislation.
The pan-European STOXX 600 climbed 0.2% after losing 1.4% over the past four sessions. Germany’s DAX futures rose and Britain’s FTSE futures gained 0.3%.
In Turkey, the lira, stocks and government dollar bonds weakened after President Tayyip Erdogan dismissed the central bank governor, a move that fueled worries about monetary policy independence.
The Fed on Wednesday suggested rate cuts might start as soon as next month, saying it was ready to take action in the face of growing economic risks.
The end the most turbulent month of the year so far was approaching and amid ongoing and fierce U.S-China trade tensions investors seemed content to square up some positions.
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