“Gold Pound Prices in Egypt: Reasons Behind Record Market Rises”

Books – Islam Saeed

Monday, 01 May 2023 08:00 AM

Register The price of the gold pound Today, Monday, in Egypt, levels of 21040 pounds in spot transactions, without adding workmanship to the pound, as the workmanship of a gram of gold in the pound is 40 to 50 pounds..

The gold pound in Egypt is considered one of the most important and desirable products during the current period. The weight of the gold pound is 8 grams of 21 carat, which is the best-selling in Egypt. It has a number of forms that may differ from one company to another, but the most widespread is the pound with the image of King George drawn on it..

The Gold Billion report indicated that the current movements in the price of gold are exaggerated and do not reflect the real price of gold, especially since the global price of an ounce is currently trading around the levels of $1984 an ounce. During two consecutive weeks, gold failed to breach the level of $2000 an ounce and trade above it.

Therefore, the real reasons behind gold’s rise to these historical levels are internal reasons related to the local market and the current economic and financial situation, which we will explain in the following points.

The first reason behind the record gold market rises is the sharply increasing demand for buying gold, and the entry of new categories into the market for purchase, due to fears among citizens about the unclear future after the sharp wave of high prices that hit the markets since last year, and the rise in inflation to record levels, so that gold plays a role Safe haven and hedge against inflation.