We publish the latest update in gold prices Today in Egypt, Friday, January 20, 2023, to score a gram gold 21 karat – which is the best-selling in Egypt – 1780 pounds per gram, while the gold market is witnessing a state of complete calm following the stability of the exchange rate of the dollar in banks.
Gold prices today
18 karat records 1526 pounds.
21 karat records 1780 pounds.
24 karat records 2024 pounds.
The gold pound records 14,240 pounds.
The international price of an ounce is $1930.
Reasons for the decline of gold in Egypt
A report revealed 3 reasons that led to the decline of gold in Egypt during trading, yesterday, Thursday, by 20 pounds in the local market. The first reason was the stability of the exchange rate of the pound against the dollar around the level of 29.60 pounds for the third day in a row.
The report indicated that the second reason is government statements confirming the end of the crisis of stockpiling goods in the ports, which gives signals to investors in Egypt to ease the pressure on dollar resources and the stability of the current exchange rate in the short term.
And the report continued, that the Russian Central Bank’s announcement of adopting the Egyptian pound in the currency basket against the Russian ruble, which opens the way for Egypt to import its needs of wheat without using the dollar, which represents less pressure on the Egyptian dollar resources, and this caused greater calm in the dollar exchange market and then gold drop
The Central Bank had announced the start of financial derivatives operations in the Egyptian exchange market, and financial derivatives are among the important tools in increasing investment, supporting importers and manufacturers, hedging against exchange rate fluctuations, and increasing liquidity.
And with the stable exchange rate developments, the need for investors and individuals to hedge against the dollar exchange rate by buying gold disappeared, which represented negative pressures on the price of gold inside Egypt.
