“Latest Update on Gold Prices in Egypt: 21 Karat Records 2435 Pounds per Gram”

Islam Saeed Books

Monday, May 22, 2023 08:35 PM

We publish the latest update in gold prices In evening trading today, Monday, a gram of 21 carat gold, which is the best-selling in Egypt, recorded 2435 pounds per gram, after the return of demand to rise, specific to the precious metal in Egypt..

Gold prices today:

21 karat records 2435 pounds.

18 karat records 2087 pounds.

24 karat records 2783 pounds.

The gold pound is 19480 pounds.

Gold prices have recently witnessed a state of decline and weakness that continued during the recent period, and caused confusion among market participants. So has gold satisfied with this decline and will it rise again after that, or have we not reached the end of the correction yet?.

In order to answer this question, we will shed light on a number of changes that have occurred in the gold markets recently, which have had a significant impact on the current movements in the markets and at the same time will help us to anticipate the next movement of gold..

Domestic gold pricing is close to global pricing

The most common 21 karat gold prices recorded a historical high of 2800 pounds per gram last April 27, then began to gradually decline to record 2200 pounds per gram on May 18, for gold to lose 600 pounds of its value, down by 7% within 3 weeks, then up to the level of 2400. EGP Here some are wondering about the possibility of making a decision to buy or wait.

The Gold Billion report said that local gold prices continued to gradually decline at a time when the global ounce price rose to record the highest level ever, which reflects that local gold pricing was greatly exaggerated and that the decline we saw was an adjustment in the level of gold pricing. And moderation of the balance of supply and demand in the local markets to come close to compatibility with the global pricing of gold.

During the last three weeks, the demand for gold in the markets has declined significantly for a number of reasons, the most important of which is the absorption of large liquidity by the local gold markets resulting from the entitlement of the 18% certificates that pumped 700 billion pounds into the markets. Among the initiatives of the concerned authorities to restore calm to the gold markets, the most important of which is allowing gold imports from abroad without customs or fees to work to increase the supply of ore.

And the official approval of the first investment fund in gold to attract a segment of the market and contribute to reducing the demand for actual gold. Gold, according to Gold Billion analysis.

The bullish trend remains the primary trend for gold

The recent decline in gold prices made some believe that the precious metal started a wave of decline and open selling operations, but the fact is that the recent decline in prices remains within the range of correction and profit-taking for the large wave of rise that pushed gold to record its highest historical level at 2800 pounds per gram..

The reason why the bullish trend is the main trend in the gold market is that the reasons that pushed gold to rise in a record way still exist and have not changed, because the existing problems in the economy have not changed yet, and therefore the effect remains constant on gold, which is gaining more momentum and rising, According to Gold Bellion.

As for the investment and savings process, the current period has no alternatives in the markets except gold, in light of the reluctance of a large segment to save in investment certificates with banks and the insufficient experience of another broad sector to invest in the Egyptian Stock Exchange, which reduces the available opportunities in favor of gold, which is the easiest and best investment currently..

All these factors have not changed in the markets so far, and therefore there is no reason for us to change our outlook on gold, as the upward trend remains the same until the economic and financial data change, and any decline we are witnessing in prices remains a mere correction of gold and profit-taking..

After the official announcement of the launch of the first gold investment fund in Egypt “compliant with Islamic law”, the main question in the markets became about the impact of the fund on local markets and how to invest in it. To buy 10 documents with a total of 100 pounds and without a maximum purchase limit, and thus anyone can trade and invest in gold with the lowest possible amount, and in the event of a desire to keep the gold and actually receive it, the minimum purchase will be 50 grams of gold (the equivalent of the documents).

The Gold Investment Fund opens the door to many segments to invest in the gold markets, since the minimum investment level is low, and it also contributes to achieving stability in the gold markets, as we can know the pricing of gold grams in the fund, which will be a guiding price that may limit exaggerated pricing in the markets..

But in general, the gold investment fund will not be able to change the factors that support gold, since the fund’s investments are backed by gold, and therefore there will be no significant decline in the real demand for the precious metal.