Gold prices in the Egyptian market have dropped sharply to keep pace The decline of the dollar in the parallel marketAnd also the decision of the Central Bank to oblige gold exporters to deposit export proceeds in banks within 10 days.
The decline in prices was gradual after peaking at £1950 per gram of 21-karat gold which is most famous in Egypt, today prices reach £1550 per gram, a drop of more than 21% in around 10 days.
Nour El-Din Mohamed, head of Target Investment Company, confirmed in statements to Al-Arabiya.net that gold is currently priced at 30 pounds to the dollar, and therefore we have seen this decline in gold prices, which it was previously calculated at 38 pounds to the dollar.
He explained that the market is currently in a state of stagnation due to the shock of low prices this way and also with the Central Bank of Egypt closing the door on exploiting gold to get foreign currency out of the country.
As for the current fair price of gold, according to global market prices, and the dollar price in banks is 24.7 pounds, Nour El-Din confirmed that the price of one gram should only be 1276 pounds.
