Gold prices in Egypt stabilized on Saturday, June 24, 2023, after a period of fluctuation. The closure of the International Metals Exchange and the cessation of trading for the weekly holiday contributed to the stabilization. Both global and local markets were anticipating the movement of the dollar, as well as the levels of supply and demand locally.
In the morning, the price of a gram of gold rose by about 30 pounds, but it ended the day’s trading steadily. The price of a gram of 21 carat gold, which is the most widespread in Upper and Lower Egypt, remained unchanged at 2240 pounds per gram, the same as the previous day.
The price of a gram of 24 karat gold, the highest quality caliber, also stabilized during transactions and reached 2560 pounds. Meanwhile, the price of a gram of 18 carat gold, the lowest-priced and most common caliber in Lower Egypt and Cairo, recorded levels of 1920 pounds in transactions.
The price of the gold pound, which weighs 8 grams of 21 carat gold and is the most common carat in Lower Egypt and Upper Egypt, remained unchanged at about 17920 pounds.
An ounce of 24 karat gold was priced at approximately 79,360 pounds, while a kilo of 24 karat gold recorded a price of about 2.560 million pounds.
Globally, the price of an ounce of gold settled at around $1923 during today’s trading.
The Gold Billion report suggested a possible decrease in gold prices after the customs authority announced the entry of more than 306 kilograms of gold accompanied by passengers coming from abroad. This was due to the Prime Minister’s decision to exempt gold from customs tax and other fees, except for value-added tax. The report indicated that residents abroad took advantage of these special facilities, but the market is now waiting for the return of buyers after the Eid al-Adha holiday. It is expected that gold prices may reach the level of 2250 pounds.
Overall, gold prices in Egypt remained stable, with various calibers maintaining their prices. The market is now closely watching the movement of the dollar and the return of buyers after the holiday season.
How did the closure of the International Metals Exchange and the trading halt for the weekly holiday contribute to the stability of gold prices in Egypt on June 24, 2023?
Gold prices in Egypt experienced stability on Saturday, June 24, 2023, bringing relief after a period of volatility. The closure of the International Metals Exchange and the trading halt for the weekly holiday played a significant role in achieving this stability. Both the global and local markets were closely observing the dollar’s movement, as well as the levels of supply and demand within Egypt.
The morning saw a slight increase of about 30 pounds in the price of a gram of gold. However, by the end of the trading day, prices had steadied. The price of a gram of 21 carat gold, the most commonly used type in both Upper and Lower Egypt, remained unchanged at 2240 pounds per gram, mirroring the previous day’s value.
Similarly, the price of a gram of the highest quality 24 karat gold remained stable during transactions, reaching 2560 pounds. On the other hand, the lowest-priced and most prevalent 18 carat gold in Lower Egypt and Cairo recorded transaction levels of 1920 pounds per gram.
The value of the gold pound, weighing 8 grams of 21 carat gold and commonly used in both Upper and Lower Egypt, also remained steady at approximately 17920 pounds.
For international markets, an ounce of 24 karat gold settled at around $1923 during today’s trading.
Notably, a recent Gold Billion report suggests a potential decrease in gold prices. This follows the customs authority’s announcement of the arrival of over 306 kilograms of gold, brought by passengers from abroad. This influx was facilitated by the Prime Minister’s decision to exempt gold from customs tax and other fees, except for value-added tax. The report indicates that residents abroad have taken advantage of this special opportunity. However, the market is eagerly awaiting the return of buyers after the Eid al-Adha holiday. It is anticipated that gold prices may reach 2250 pounds.
Overall, the gold market in Egypt has demonstrated stability, with various calibers maintaining their prices. Investors are now keenly observing the movement of the dollar and eagerly anticipating the return of buyers after the holiday season.
It’s reassuring to see that gold prices in Egypt have finally stabilised after a period of fluctuation. The anticipation of the dollar’s movement seems to have played a significant role in this, highlighting the interconnectedness of global economies.
“Gold prices in Egypt seem to have found stability following a period of fluctuation, likely due to the anticipation of the dollar’s movement. Investors will be closely monitoring any further developments in the global economic landscape, as it could impact gold prices in the country.”