The price of gold rises by 100 pounds as the dollar jumps on the black market in a week

Cairo – Masrawy:

Gold prices jumped by more than 100 pounds per gram during the past week, with the price of the dollar in the parallel market rising to 50 pounds.

The price of the dollar on the black market rose by about 3 pounds over the past week, with continued supply shortages and high demand.

During Friday’s transactions, the price of a gram of 21 carat gold traded at about 2,690 pounds per gram, compared to about 2,590 pounds that it had recorded during last Friday’s transactions.

Egypt is witnessing a crisis in providing dollars as a result of the repercussions of the Russian-Ukrainian war, while it awaits two reviews of the IMF program for a loan worth $3 billion, from which it has received only $347 million since last December when it signed the agreement.

Two reviews of the program, which were scheduled for March and September 2023, were postponed, while the Fund calls on the Central Bank to fully liberalize the exchange rate, but analysts currently rule this out, while other analysts say that the possibility of a new devaluation of the pound exists by the end of this year.

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