Head of the Gold Division at the General Federation of Chambers of Commerce, Hani Milad, explained that the decision to cancel valuation fees on exporting gold to the Gulf markets had a positive impact on gold prices. Because the valuation fees were causing a relative impediment to export operations; Because it was a burden on exporters, he added that the valuation fee has become 1% of the value of gold that is exported abroad.
Buy gold on Mother’s Day
Despite the high prices of gold in the world, it is still considered a safe haven for investors, and some citizens who keep the value of their money in gold; Because gold maintains the purchasing value over the years, and the head of the gold division added that there are some factories that produce lightweight gold products to suit Mother’s Day gifts. There are gold bars starting from half a gram of 24 carat at 1000 pounds only.
He stressed that the purchasing value of gold remains coherent and not affected by crises, and explained that gold prices will rise globally, and gold prices inside Egypt are closely linked to the global stock market, so any effect on global prices affects prices inside Egypt.
The rise in gold prices
Hani Milad added during televised statements that gold prices rose during the past days, especially the last three days, gold rose by 1.5%, and the reason for the rise in gold was due to the statements of the US Federal Reserve Chairman following his confirmation of the high rate of interest in US dollars during the coming period; And due to inflation in America, gold prices came as follows:
- The price of a gram of 24 karat gold is 2217 pounds.
- The price of a gram of 21 karat gold is 1940 pounds.
- The price of a gram of 18 carat gold is 1663 pounds.
- The price of a gram of 14 karat gold is 1293 pounds.
- The price of a gold pound is 15,520 pounds.