Islam Saeed wrote Wednesday, August 16, 2023 01:08 PM
The prices of gold bars in Egypt are witnessing a decline in all weights, from one gram to a weight of 100 grams, during today’s trading, Wednesday, August 16, 2023, with the decline in the price of 24 karat gold, which is the karat of gold bars in Egypt, to record levels of 2566 pounds.
Gold prices in Egypt today:
21 karat records 2245 pounds.
18 karat records 1924 pounds.
24 karat records 2566 pounds.
The gold pound is 17,960 pounds.
gold bullion prices:
The price of the gold ingot is 1 gram, 2566 pounds, without workmanship.
The price of a gold bar, weighing 2.5 grams, is 6415 pounds.
The price of a gold bar, weighing 5 grams, is 12830 pounds.
The price of a gold bar, weighing 10 grams, is 25,660 pounds.
The price of the gold ingot, weighing 20 grams, is 51,320 pounds, without workmanship.
The price of an ounce of gold, weighing 31.1 grams, is 79,802 pounds.
The price of the gold bar, weighing 50 grams, is 128,300 pounds.
The price of a 100-gram gold bar is 256,600 pounds, without workmanship.
Global weakness of gold
The weakness of gold prices and the exit of investments from the precious metal caused indirect investments in gold to be greatly affected, led by the shares of gold and mining companies traded on international stock exchanges, which witnessed large selling operations during the recent period, according to Gold Billion.
Newmont Gold Company is ranked first in the world with gold reserves of 96.1 million ounces in last December’s census. The company’s share price traded on the New York Stock Exchange has declined for five consecutive weeks.
Newmont’s stock fell yesterday, hitting its lowest level since November 2022, thus, the company’s stock fell by 6.2% since the beginning of August.
Also, the S&P GSCI Commodity Index, which acts as a benchmark for investing in commodity markets and as a measure of commodity performance over time, recorded a decline since the beginning of the week by 0.9%, as gold, which is a component of the index, contributed to increasing the negative pressure.
It is worth noting that the index was able to record its highest level since mid-February last week, supported by the rise in crude oil prices, but the strength of the US dollar negatively affected commodity prices in general, pushing the index to decline since the beginning of the week’s trading.
2023-08-16 10:08:00
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