Gold prices today, Wednesday, December 28, 2022, in Egypt

We publish the latest update in gold prices Today, Wednesday, following a decline of regarding 25 pounds, to record a gram of 21 carat gold, which is the best-selling in Egypt, to record the price of gold 1575 pounds for 21 carat, with the global price of the precious metal in global stock exchanges dropping to 1800 dollars compared to 1820 dollars.

Gold prices today:

18 karat recorded 1350 pounds.

21 karat, a record of 1575 pounds.

And 24 karat recorded 1800 pounds.

The gold pound is 12,600 pounds.

gold globally

Gold fell on Wednesday, December 28, affected by pressure from the rise of the US dollar, but prices moved in a narrow range due to the absence of any new influences, and by 02:48 GMT, gold in spot transactions fell 0.2% to $1811.20 an ounce, and US gold futures fell 0.2%. to 1818.90 dollars an ounce.

The dollar index rose 0.1%, which makes gold denominated in the US currency more expensive for buyers than holders of other currencies, and gold increased by regarding $ 200 following reaching its lowest level in more than two years at the end of September, following the dollar’s ​​attractiveness was negatively affected by expectations that the US Federal Reserve would slow the pace. Raise interest rates. Raising interest rates increases the opportunity cost of holding non-interest-bearing gold.

As for other precious metals, silver fell in spot transactions by 0.3% to $23.98 an ounce, platinum fell 0.4% to $1015.67 an ounce, and palladium fell 0.4% to $1821.38 an ounce.

The Egyptian gold market

Ehab Wassef, President Gold Division And the manufacture of precious metals in the Federation of Egyptian Industries, in response to the Minister of Supply, Dr. Ali Al-Moselhi, responding to the division’s proposals to advance the Egyptian gold industry by canceling the valuation fee on exports, which had been an obstacle for years to increasing exports of gold artifacts to global markets; To open promising horizons for Egypt to turn into a regional center for the manufacture and trade of gold and jewelry.

Ehab Wassef, head of the Gold and Precious Metals Manufacturing Division of the Chamber of Metallurgical Industries, said that the valuation fee represented an obstacle for previous years to increasing the state’s exports of artifacts, and led to weak competitiveness of Egyptian gold artifacts in global markets, and prompted workers in the sector to export gold as a raw material without

Achieving added value, which is what the country lost with it in dollar revenues.

Wasef praised the role of the Minister of Supply, Dr. Ali Al-Moselhi, Engineer Ahmed Samir, Minister of Trade and Industry, and Major General Ahmed Suleiman, Head of the Stamps and Weights Authority, for responding to the Division’s requirements. To support the gold and jewelry industry, which it had applied since its formation, foremost of which was the removal of the valuation fee, which ranged at 1% of the value of the work, indicating that the positive signs of the decision on the sector were the conclusion of the first export shipment to an Arab country.

Wasef explained that the legislative amendment to cancel the appraisal fee is being presented to parliament for official approval in the coming months, stressing that its removal shows the government’s keenness to provide all support for the gold and jewelry industry, following that industry has proven its ability to be one of the tributaries of hard currency for the country. Especially in light of the high global demand for gold as a safe haven for investment.

Wassef continued that the division will work during the next stage to provide all support to gold manufacturers to develop the gold artifact industry, and upgrade their designs in line with global markets following the support provided by the state by removing the valuation fee, indicating that the Egyptian gold artifacts have export opportunities. Promising in the Arab and European markets, and it is expected that the state will achieve annual revenues estimated at regarding $ 4 billion within a short period.

Wassef hinted that, in conjunction with the removal of the valuation fee, the division held periodic meetings with officials from the state to make the most of the decision to cancel the valuation fee, in raising gold export revenues as soon as possible to put Egypt in the position it deserves in the precious metals industry. And jewelry, and the last of these meetings was with Mr. Major General Ahmed Suleiman, head of the Assay and Weights Authority, in which they reviewed the ways of the authority to advance the industry, achieve discipline in the markets, and stimulate export operations.