09:05 PM
Friday, May 19, 2023
I wrote – Sherine Salah:
The price of a gram of gold decreased in the local market by about 500 pounds in about 3 weeks, after it witnessed historical leaps that had not occurred before during the month of April, to record 2260 pounds in evening trading today, Friday, compared to the level of 2800 pounds, which means that it lost 540 pounds, so should it continue Fall or be able to regain heights.
According to Naguib Club, Secretary General of the former Gold Division, to Masrawy, that gold prices in Egypt witnessed a decline in the markets during the past week, since the government’s decision to exempt gold imports from customs, while traders and dealers indicate a lull in crazy pricing in the gold market with calm trading on the price of the dollar in the market. black.
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Exemption from gold imports.. A noticeable decline in the price of the dollar on the black market in a week
Last Wednesday, the Council of Ministers agreed to exempt gold imports in semi-manufactured forms, as well as those intended for monetary circulation, jewelry, and jewelry and their parts of precious metals, even if they are clad or clad with a crust of precious metals, which are accompanied by those coming from abroad, from customs tax and other fees except for the tax. value added, for a period of six months.
The draft decision also stipulates that this exemption does not apply to natural or cultured pearls, precious or semi-precious stones, mounted or inlaid on jewelry and their parts.
Gold price forecast in Egypt
Naguib expects that gold prices will return to a gradual increase in the coming period in the markets, at higher levels than they were in the previous period.
And gold prices jumped at the end of last April, at a historical level in Egypt, to record the price of a 21-carat gram, about 2800 pounds, due to consumers flocking to buy bullion and gold pounds as a result of fears of devaluing the pound again.
Naguib explained that the decline in gold prompted consumers to fear a further decline in prices.
Naguib added that the price of a gram of gold will not fall below the level of 2200 pounds in the local market, indicating that the price drop prompted the return of new consumers to buy again, which will cause an increase in prices again during the coming period.
According to Naguib, the decision to exempt gold imports from customs will not have an impact on the local market at present, and traders are awaiting the next two months for the impact of the decision on the market. impact of the decision on the market.
The best time to buy
The former Secretary General of the Gold Division said that this is the best time to buy gold, explaining that this price will not remain much in the local market and will not be repeated in the near future.
Regarding the current buying movement, Naguib stated that the demand is still calm, “all of us are waiting for the price to settle first at a certain level,” expecting an increase in the buying demand in the coming days.
2023-05-19 18:05:00
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