Gold prices in Egypt today are seeing an increase to levels of 1720 lbs per gram of 21 carat which is Egypt’s best selling as the wave of market turmoil continues amid momentary changes in the price of the metal at due to speculation.
Prices fell again to levels of £1720 for the main calibre, while the prices of the precious metal experienced continuous 24-hour fluctuations, which caused market paralysis and a tendency for some companies to stop announcing prices.
Gold prices today:
18 carats registered 1474 pounds.
21 carat registered 1720 pounds.
And 24 carats registered 1996 pounds.
14 carats, a record 1146 lbs.
And the gold pound is £13,680.
Sameh Abdel-Hakim, gold market expert and member of the Gold Division confirmed that the current prices are exaggerated and there is unacceptable speculation that has led to this price change and an unjustified hike, while international prices have registered a drop to $1782 from $1800.
He added, in exclusive statements, that the global trend in gold is expected to be influential in the price action, noting that the coming period could see a decline in gold in Egypt as speculation on the precious metal declines.
Sameh Abdel Hakim pointed out that there are big speculators whose role in determining the price of gold should be limited, stressing that the government supports price discipline and there is continuous communication in order to create a calm state in the market of gold during the next period.
