Islam Saeed Books
Monday, May 15, 2023 12:25 PM
I backed off Gold price in Egypt Within 24 hours, about 70 pounds, despite the weekly holiday for the goldsmiths market, and 21 carat, which is the best-selling in Egypt, recorded a drop from 2400 to levels of 2330 pounds, at the start of Monday’s trading.
Gold prices today:
21 karat records 2330 pounds.
18 karat records 1997 pounds.
24 karat records 2663 pounds.
The gold pound is 18,640 pounds.
decreased gold prices During the week ending after a long series of almost daily rises that pushed gold prices to historical levels that some saw as exaggerated prices, due to the sharp rise in domestic demand, but the week before last witnessed calm in the gold markets accompanied by a gradual decline in price levels, according to Gold Billion.
The decline in gold prices last week came in light of the intervention of the relevant authorities in the markets with a number of initiatives to work to calm the markets, the most important of which was allowing those coming from abroad to enter gold imports without customs or fees, except for the 14% value-added tax on workmanship, in order to work to increase the supply of gold. Gold to meet record high demand during this period.
The Gold Division also took the initiative to reduce the prices of workmanship on gold artifacts in order to increase the demand for them and reduce the demand for bullion and gold coins, which caused the historical rise in gold prices.
These initiatives coincided with a gradual decline in the demand for gold during the recent period, after gold prices absorbed large volumes of cash liquidity resulting from the maturity of the 18% certificates, which was the main reason behind the sharp rise in demand for gold.
Calm domestic demand and initiatives to increase supply in the market helped prices to decline, bringing the local gold market closer to returning to pricing according to the global gold price, after being separated from it for a long period of time and relying on local pricing only on supply and demand.
2023-05-15 09:25:00
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