Gold prices have declined significantly during the last period due to the government’s decision to exempt gold imported from Egyptians abroad from customs duties, and this decision significantly affected the yellow metal, as the price of 21 carat declined and recorded a record decline of about 600 pounds, after it had reached its highest level. His level at 2800 pounds.
These developments in gold prices are the subject of interest and discussion about fluctuations in the precious metal market and the effects of government decisions on its prices. It may be necessary to take into account the current economic and political changes when analyzing the situation and predicting the future of gold prices. Follow us to know the expectations of gold prices in Egypt in the coming period.
Gold prices today
Dr. Nagy Firq, Advisor to the Minister of Supply for Gold Industry Affairs, stated that the Zero Customs initiative has greatly contributed to preventing the price of a gram of gold from rising above the 3,500 EGP mark.
Faraj expected gold prices to rise again during the coming periods to the previous levels witnessed during the periods of the Russian-Ukrainian crisis and the Chinese economic conflict with the United States of America.
Dr. Faraq’s statements reflect his expectations that the global political and economic conditions will play an important role in determining the direction of gold prices in the future, and it is mentioned that political tensions and global events can greatly affect the precious metal market and cause fluctuations in its prices.
Gold prices without workmanship today
Gold prices without workmanship today, Saturday 7-29-2023, gold prices in Egypt came as follows:
The price of 24 karat gold: it reached 2451 pounds for sale, and 2463 pounds for buying. The price of 22 karat gold: it was fixed at 2247 pounds for sale, and 2258 pounds for buying. The price of 21 karat gold: it settled at 2145 pounds for sale, and 2155 pounds for buying. The price of karat gold 18: It maintained its stability at 1839 pounds for sale, and 1847 pounds for purchase. The price of 14 carat gold: reached 1430 pounds for sale, and 1437 pounds for purchase. The price of 12 carat gold: maintained its stability at 1226 pounds for sale, and 1231 pounds for purchase.
As for the gold pound, its price today, Saturday, reached 17,240 pounds for sale, and 17,160 pounds for purchase. This price is calculated by the net weight of the 21-carat pound, and the price of workmanship is added to it.
These are the latest gold prices in Egypt, and they show changes in the prices of different carats during this day. It is important to note that gold prices may be affected by multiple factors such as supply and demand and global economic and political conditions, so it is always advised to carefully monitor market movements if you intend to buy or sell. .
Shocking expectations about gold prices
In light of gold price expectations, analysts expect a sharp decline in gold prices before it rises again. One of these analysts is Harry Dent, founder of HS Dent. Dent believes that the current price of gold, which is trading at levels close to $2,000 an ounce, will witness a significant decline and suffer the largest collapse in its second wave before returning to the rise.
According to his forecast, the price of gold will reach as low as $900 an ounce by mid-2024. Dent considers that gold will always remain a safe haven, although it will drop to $900 to $1,000, which is much lower than other commodities.
But Dent believes that the growth of India may be a positive factor for gold price expectations in the long term, as India is the second largest importer of gold in the world, and when the Indian economy is booming, gold consumption in the country increases for security, jewelry and other purposes, which supports the price of gold, and returns after That’s for height.
For investors and followers, these expectations mean that the price of 21 carat, which was recorded this morning at about 2200 pounds, may drop to a level ranging between 1100 pounds in the event of a decrease of up to 50%.
It is important to rely on various analyzes and studies when making investment decisions in gold, as the precious metal market is subject to fluctuations and rapid changes that investors must take into consideration.
2023-07-29 12:46:58
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