testimony gold prices In today’s Wednesday morning trading, notable stability after the price of gold registered £1,600 for 21 carats after global gold prices surged to the $1,820 level.
Gold prices today:
18 carats registered 1371 pounds.
21, record 1600 lbs.
And 24 carats registered 1829 pounds.
The gold pound is £12,800.
globally increased Golden contracts Trading strongly yesterday, adding 1.33% to its value and logging $1820.12 an ounce, while spot gold was up 1.21% to now trade at $1819.92 an ounce , and this increase was influenced by the positive news that came from China during the Asian session, where China announced that it will ease the Corona restrictions in January 2023 – and this issue would raise expectations regarding the recovery of the Chinese economy and stimulate aggregate demand, including demand for gold; Taking into account that China is at the top of the list of producers and consumers of the yellow metal.
The dollar index fell 0.13%, registering 103.868 points against a basket of foreign currencies, as the euro stopped against the dollar at 1.0639 with a marginal movement, and the ruble fell dollar by 1.60%, registering 70,400 .
Egyptian market
Ehab Wassef, head of the gold and precious metals production division of the Federation of Egyptian Industries, praised the response of the Minister of Supply, Dr. Ali El-Moselhi, to the division’s proposals to advance the Egyptian gold industry by abolishing the export valuation tax, which for years has hindered the growth of gold jewelry exports to global markets. Opening promising horizons for Egypt to develop into a regional center for the production and trade of gold and jewelry.
Ehab Wassef, head of the gold and precious metals production division of the Chamber of Metallurgical Industries, said the assessment commission had been an obstacle in previous years to the increase in state exports of manufactured goods and led to weak competitiveness of manufactured goods. gold in global markets, and prompted workers in the sector to export gold as a commodity without
By achieving added value, which is what the country has lost with it in dollar revenue.
Wasef praised the role of Minister of Supply, Dr. Ali Al-Moselhi, Engineer Ahmed Samir, Minister of Trade and Industry, and Major General Ahmed Suleiman, Head of Stamps and Weights Authority, for having met the requirements of the division. Support the gold and jewelery industry, which had applied since its establishment, first of all the elimination of the valuation fee, which was around 1% of the value of the work, indicating that the positive signals of the decision on the sector they were the conclusion of the first export shipment to an Arab country.
Wasef explained that the legislative amendment to cancel the valuation fee will be presented to the parliament for official approval in the coming months, stressing that its removal shows the government’s intention to provide all support to the gold industry and of jewellery, after the industry demonstrated its ability to be one of the tributaries of hard currency for the country, especially in light of the high global demand for gold as a safe haven for investments.
Wassef went on to say that the division will work during the next phase to provide all support to gold producers to develop the gold manufactured industry and upgrade their designs in line with global markets after the support provided by the state by removing the commission. assessment, indicating that the Egyptian gold artifacts have promising export opportunities in Arab and European markets, and the state is projected to achieve annual revenues estimated at around $4 billion within a short period.
Wassef hinted that, in conjunction with the removal of the valuation commission, the division has held periodic meetings with state officials to make the most of the decision to cancel the valuation commission, increasing gold export earnings as soon as possible to put Egypt in the position it deserves in the precious metals and jewelery industry, and the last of these meetings was with Major General Ahmed Suleiman, head of the Weights and Analysis Authority, in which they looked at ways authority to advance industry, regulate markets, and stimulate export operations.
