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Investing.com – After a relative stability that lasted for weeks in Egypt, with limited increases and decreases, prices rose again during Thursday’s trading, with an increase of 90 pounds per gram of 21 karat within hours.
The 21 karat, the best-selling in Egypt, rose to 1,755 levels, after yesterday’s morning trading recorded levels of 1,665 pounds per gram.
This comes in light of the expectations of international banks and financial institutions regarding the pound’s decline to levels of up to 35% in the coming weeks, for various reasons.
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The pound against the dollar today
The price of the pound rose, according to Central Bank of Egypt data, against the dollar, to 30.6698 for purchase, and 30.7757 for sale.
The price of the dollar rose against the pound in private banks, to the levels of 30.77 for sale. And the levels of 30.72 to buy.
In the national banks, the National Bank and Banque Misr, the price of the pound recorded 30.67 for purchase, and for sale 30.57.
While the futures contracts for the Egyptian pound witnessed a maturity of 12 months, the exchange rate of the dollar against the pound rose to 36.699 pounds, which is the highest ever, according to Bloomberg data.
Gold prices now
The price of gold today is 21 karat
The price of 21 karat gold in the local market recorded levels of 1755 pounds per gram, as it is the best selling karat in the Egyptian market.
Today’s price is 24 karat
The price of 24 karat gold recorded about 2006 pounds per gram, and the karat is the highest price in Egypt.
18 karat gold price
While the price of 18 karat gold today reached about 1504 pounds per gram.
The price of the gold pound
In turn, the price of the gold pound reached the levels of 14040 pounds.
Gold and the dollar globally
Gold in instant transactions fell 0.3 percent to $ 1831.57 an ounce, after reaching the highest level in a week yesterday, Wednesday.
US gold futures fell 0.4 percent to $1,837.50.
It rose to 104.7 points, or 0.3%.
pound forecast
According to a Credit Suisse report, the price of the dollar in Egypt will reach 35 pounds.
The Swiss bank also believes that the implementation of the monetary fund program is appropriate to improve the current economic situation, even if it is implemented partially or late by the government.
Is the pound waiting for a new float in March? Follow to find out
While Bank of America (NYSE:) did not specify an expected price for the dollar, it believes that the pound’s decline is a practical solution to bridge the external funding gap that Egypt has been suffering from recently, as it expected a significant decline without specifying the rate of decline.
At the same time, the French bank “Societe Generale” confirmed, a few days ago, that the pound will decline by about 10%, before the end of this March, to reach 34, due to pressure from the increase in debt that led to the state’s need for a cheaper currency, with the growing current account deficit and shortage. sharp in the dollar. It is expected that the value of the pound will decline again in the near future, and it is likely to end the current quarter below its current levels by about 10%.
Meanwhile, Carla Selim, an economist specializing in Middle East affairs at Standard Chartered Bank, spoke about the Egyptian economic situation in an interview on Bloomberg. Carla said that the delay in the availability of hot money may push the pound to fall against the dollar to levels of 33-35 to stimulate Gulf investments to enter and return hot money to the Egyptian economy.
The bank “HSBC (LON:)” (HSBC) also expected that the price of the dollar would reach the level of 30-35 pounds in the short term during the current year.
