© Reuters.
Investing.com – Egypt appears to be experiencing violent and sudden fluctuations after a few days of wild rallying, as prices have seen an unprecedented surge and rally.
Traders and observers believe that prices will undergo more violent swings in the coming days, waiting for the International Monetary Fund to sign the loan agreed by the Egyptian government on December 16th.
In addition to market fears that the Central Bank will surprise the markets with a surprise meeting ahead of its December 22 schedule, amid expectations that the meeting will result in a further hike in interest rates and perhaps further liberalization of the exchange rate.
violent swings
Today, Sunday, it went up £50 for 21 carats in Egypt, and the price of 21 carats this morning recorded a value of £1710 to buy and £1650 to buy.
However, today’s rally comes after the price of gold in Egypt fell by around £250 in recent days following an unprecedented wave of increases in which the price of 21-karat gold reached 1850 pounds per gram.
Downward forecasts
Club Naguib, a member of the Gold Division of the Cairo Chamber of Commerce, said that gold prices during this period are seeing a decline, explaining that the gold price reached £1850 earlier.
A member of the Gold Division of the Cairo Chamber of Commerce explained that this decline has never occurred before in the history of gold, due to the unwarranted rise that has occurred before.
Prices stop
And local media cited some gold price companies. A number of price transmitters through well-known communication platforms have stopped transferring the gold price, while others write prices in the narrowest limits.
Some traders expressed fears during the sale that they could not buy at the same price as the sale in light of market fluctuations.
Over the past few days, gold traders have tended to close private gold shops most of the time for fear of selling, which results in losses, since selling an ounce of gold and not being able to buy it at the same price is not an easy loss for the merchant, according to local reports.
Escape of citizens
Ehab Wasef, head of the Gold Industry Division at the Federation of Industries, said citizens’ rush to purchase gold as bullion was not in the nature of Egyptians and that social media has played an influential role in the recent surge in gold demand.
The head of the Gold and Precious Metals Division confirmed that there is an increase in local demand from citizens for the purchase of pounds of gold, which has led to a shortage of supply of the yellow metal to meet the demand, and therefore to a significant increase in its prices.
gold pound
The price of the gold pound set new records today, Sunday 11th December 2022, registering £13,440 in goldsmiths’ shops, an increase of £80, which registered £13,360, from its level in trading yesterday, Saturday night .
The gold pound made a historic leap, posting an increase of more than £3,000 in just 50 days as gold turned into a safe haven for investment in Egypt after 21 and 24 carat gold .
Prices today
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Today the price of 24 carat gold recorded a value of 1954 pounds.
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Today the price of 21 carat gold recorded a value of 1710 pounds.
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Today the price of 18-karat gold recorded a value of £1465.
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Today the price of 14-karat gold recorded a value of £1140.
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The price of the gold pound in Egypt today is £13,680.
