Gold prices are down about £10 today on Monday, with a limited drop in demand for gold in the markets now, and the price of an ounce of 21-karat gold, which is Egypt’s best-selling, has reached 1670 pounds per gram.
Gold prices today:
18 karat registered 1430 pounds.
21 carat registered 1670 pounds.
24 carats, a record 1909 pounds.
The gold pound is £13,360.
2022 has been the year of change local gold market After several disruptions and price movements of the precious metal affected by the Russian-Ukrainian war as well as changes in the prices of currencies in the local market, and in the following lines we monitor the movements of gold prices during 2022, such as unprecedented levels of inflation caused gold to rise in all global markets, including the Egyptian market, and upward trends also failed Interest rates to curb the gold price increase.
And “Gold Bullion” monitored that gold prices in the Egyptian market increased by 107.8% during the year 2022, as gold opened at a price of 799 pounds per gram for 21 carats and the market has closed at around £1660 by the end of the year, due to changes in local currency prices, “sterling” against other currencies and a rise in the price of the dollar from £15.70 to levels around £24.60 pounds, as well as the Russo-Ukrainian war and the increase in global demand for gold.
The report added that the first two months of 2022 saw normal movement in the gold market The price of the yellow metal With Russian President Vladimir Putin announcing a special military operation in Ukraine on February 24, 2022, gold prices in the local market have tended to rise continuously, reaching levels of £835 on the second day since the start of the war in Ukraine .
The report indicated that with the announcement of the Central Bank to reduce the price of the pound by 15% in March 2022, gold prices have moved to a new phase and the gold price has entered the market for the first time , at 1000 lbs per gram levels, after several notable jumps, and prices reached the 1100 level before returning and stabilizing at 985. Gained at the end of March.
And the Gold Bullion report continued, that throughout April 2022, prices continued to fluctuate between levels of £1,150 per gram for the first time in gold price history. in the Egyptian market, so as to then enter a new phase that has reached the price of the metal, some adding factories to more than 1200 pounds. During the month of April 2022, with the continued demand for gold from consumers.
And the report went on, that the gold price was on an important date during May 2022, specifically May 7th, recording prices of £1,200 per gram with no labor added, and for the first time we are seeing a halt price trades due to high demand and speculation on gold then things calm down a bit in the market and we see a decline after the crash. Several companies have stopped selling gold which has brought prices down to £1100 in mid-May, so the markets continued their calm, registering £1050 per gram on May 20, and the price fluctuated until it closed at £1030.
The Gold Bullion report said that the first week of June 2022 saw a calm state in the markets and gold prices were between £1010 and £1025, then prices fell to around £990 in the middle of the month and the price movement remains limited until the end of the month, so that gold prices close June 2022 at levels of 993 pounds.
The report confirmed that the first quarter of July 2022 saw low levels of gold prices, ranging between £990 and £1005 for 21 carats, then prices fell sharply in the middle of the month and until 20 June prices they fell to £980, then prices continued to fluctuate and closed at around £1016.
The report said August 2022 saw the start of the new rally for gold, taking prices to 1075 pounds per gram of 21 carat, and prices traded near this price until the last third of the month. , to close gold prices at £1090, then prices moved into early September 2022 to £1100 levels, then continued to rise to £1120 on September 20, to close prices at £1127 pounds by the end of September 2022.
The report revealed that the price of gold during the first week of October 2022 fell to £1080, then prices moved to £1120 in the middle of the month and the price fluctuated between £1110 and £1130 until the last week. of the month and first close, prices jumped to £1200 levels for 21 carats by the end of October 2022. Then prices continued their move in the first week of November 2022 to £1225 level for gold to enter into a new price phase, so that prices remain above £1250, then prices continued their jump to above £1400 for 21 carat in the last week of November 2022, to close the prices gold to £1475 at the new standard level.
The report revealed that the price of gold in the Egyptian market increased by 10.7% during the month of December 2022 as gold prices jumped from levels of £1500 for 21 carats at the start of the month to levels of £1660 at the end of December, after big and big speculation in mid-December when prices jumped to historic levels of £1850, then fell to close by the end of 2022 at £1660.
