I retreated gold prices In the global stock exchanges, at the beginning of today’s trading, to record levels of 1970 dollars per ounce of gold, with hopes that the Russian-Ukrainian negotiations will progress, while there are indications that the market will not stabilize much at the current conditions and gold prices globally are witnessing several movements during the coming hours, especially following trading stopped for the holiday. Weekly on Saturday and Sunday.
Gold price developments in Egypt
Gold prices in Egypt recorded record levels last week, as the price of a gram of 21 karat gold in the middle of the week reached levels of 900 pounds per gram, for the first time in 21 months, which is the highest price level in Egypt since August 2020, then prices began to decline with the decline in the global price of gold, following That the market absorbed the decisions of economic sanctions once morest Russia, which caused the price of an ounce of gold to drop from 2070 to levels of 1970 dollars, but between the two prices we witnessed many movements of gold on the global stock exchanges and then in the Egyptian market.
Gold price today in Egypt:
The price of 18 karat gold today is 755 pounds.
The price of 21 karat gold today recorded 881 pounds.
The price of 24 karat gold today is 1006 pounds.
The gold pound in Egypt today is 7048 pounds.
What happens to gold?
Mamdouh Abdullah, a member of the Board of Directors of the Precious Metals Division, said that the situation is now linked to the fate of the Russian-Ukrainian war. Metals were witnessing a very high demand now in global stock exchanges, which is reflected in gold in the Egyptian market, but with the calm situation, prices are declining with the decline in demand in global stock exchanges.
He added, in exclusive statements, that gold prices are recording continuous changes in the Egyptian market, with the acceleration of gold movement in global stock exchanges, pointing out that the significant rise in gold may lead to a decline in sales of the precious metal with a decline in consumer purchasing capabilities as a result of another wave of inflation.