2023-07-10 13:50:47
Monday 10/July/2023 – 04:50 PM
A continuous decline in gold prices during the Eid Al-Adha period, and it continued until today’s trading, Monday, July 10, 2023, as a natural result following the decline in buying demand as a result of expectations of continued declines during the coming period.
The quantities of gold received with those coming from abroad, since the activation of the decision to exempt gold imports from customs tax, contributed to the decline in prices and it is expected that they will double during the coming period, in light of the market waiting for more of them following the facilities provided by the government through the decision to exempt customs for imports of the yellow metal. For a period of 6 months, to achieve more stability in the local markets.
Exemption from imports of gold contributed to creating a balance in the market by 80% due to the decrease in purchase demand, and thus it will contribute to the stability of the gold price during the coming period in proportion to the global price.
As a result of the exemption decision, the gold markets have returned to stability during the current period, following a wave of rise in prices during the previous periods as a result of the shortage of supply and the high demand for purchase, but currently there is a state of balance between supply for sale and purchase orders.
Amr al-Maghrabi, a member of the Board of Directors of the Gold Division of the Cairo Chamber of Commerce, commented, stressing that it is expected that gold prices will continue to decline during the coming period, noting that gold prices during the current period are very appropriate.
Gold prices today in Egypt
Today, the price of 21 karat gold in goldsmiths’ shops in Egypt has now recorded a level of 2165 pounds per gram, compared to a level of 2175 pounds per gram in the morning of today’s trading, a decline of 10 pounds.
The price of 24 karat gold recorded today, in the middle of Monday’s trading, the level of 2474 pounds per gram, compared to the level of 2486 pounds per gram at the beginning of trading.
Today, the price of 18 karat gold in the local markets recorded a level of 1856 pounds per gram in the middle of trading, compared to a level of 1864 pounds per gram in the morning of today’s trading.
The price of the gold pound today in Egypt
The price of the gold pound recorded 17320 pounds in the middle of today’s trading, compared to 17400 pounds in the morning of today’s trading, and the price of an ounce today recorded the level of 1924 dollars.
According to what was announced by the Gold, Jewelry and Precious Metals Industry Division of the Federation of Industries, it intends to place Egypt’s name on the world map as the largest country exporting gold artifacts. To become among the list of the 30 largest exporters of gold and jewelry by the end of 2023, and within the top ten by the end of 2024.
This comes within the plan approved by the division to develop the gold and jewelry industry in Egypt during the next fiscal year 2023-2024, following the state provided more facilities for goldsmiths’ factories in export operations, which benefits the national economy by providing job opportunities for young people, and dollar revenues that support the reserve. cash.
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