2023-09-02 14:22:38
Gold prices are among the important indicators that investors and citizens monitor continuously. During the past week, we witnessed a decline in the price of a gram of gold by 70 pounds, which raised a lot of controversy and questions regarding the reasons for this decline. Everyone’s attention was drawn to the noticeable difference in the price of a gram of 21 carat gold, the most demanded in Egypt, as it fell from 2280 pounds to 2210 pounds by the end of the year. the week. And the expert in the gold jewelry market, Mr. Amir Rizk, stated that these fluctuations also extend to other calibers, such as 24 karat, which recorded 2526 pounds.
The global gold market landscape
Despite the domestic decline in gold prices, the global gold price has shown a different pattern. Gold attracted sellers following its value rose in the Asian session to the $1944 region, but it soon fell back and settled below the $1940 level. A lot of traders are now trying to explain this volatility, as they look forward to the monthly employment details from the US.
What is behind the decline in the price of gold?
The expert, Amir Rizk, attributed the reasons for the noticeable decline in gold prices in Egypt to the coldness in purchases and the increase in the quantities of gold brought by Egyptians from abroad. However, there is another important factor, which is the stability of foreign exchange rates once morest the Egyptian pound, especially with the invitation of Egypt to join the BRICS group, which seeks to enhance the influence of the global south.
Gold karat price in pounds 14 karat 1473 pounds 18 karat 1894 pounds 21 karat 2210 pounds 24 karat 2526 pounds
It remains difficult to predict the future of gold prices, whether on the local or global arena. However, it is clear that there are many factors that play a role in determining these prices, and investors and citizens must follow them constantly to make their financial decisions in an informed manner.
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