caused Record rises in gold prices during the past daysIncreasing the Egyptians’ desire to get rid of the precious metal and take advantage of the large price differences, while waiting for prices to return to decline.
In the past days, the supply of gold for sale increased by more than 50%, which workers in the sector attributed to the rise in the price of a gram of 21 karat gold, which is the most sold and traded in the Egyptian market, to a level exceeding 1200 pounds, compared to about 900 pounds at the beginning of the month. the past.
During yesterday’s trading, the market witnessed a state of stability, coinciding with stability in the global market, where the price of gold stabilized globally at the level of 1883 dollars per ounce.
In the past, Egyptians relied on gold and the dollar as safe means in times of crisis, but what was happening in the exchange market prompted a large number of Egyptians to get rid of the dollar for fear of a new intervention by the Central Bank of Egypt that would cause the US currency to fall against the Egyptian pound.
According to analysts, it was expected that the surpluses achieved from selling the dollar would go to the gold market, but the large rises in gold prices prompted a large number of Egyptians to sell and take advantage of the large price differences.
The gold markets witnessed a state of confusion during the past days, affected by the Federal Reserve’s decision to move interest rates to contain the largest wave of inflation witnessed by the American market in more than 4 decades.
While gold prices were witnessing unjustified rises before the US decision on interest rates, the fingers of accusation point to the exchange market and what was circulated regarding new heights awaiting the dollar against the Egyptian pound after returning from the Eid al-Fitr vacation.
The price of a gram of 24 carat gold was about 1343 pounds, while the price of a gram of 21 reached about 1175 pounds.
The price of a gram of 18 carat was about 1007 pounds, while the price of the gold pound was about 9400 pounds.