2023-04-30 08:59:00
Islam Saeed Books
Sunday, April 30, 2023 11:59 am
We publish Gold bullion prices in Egypt Today, Sunday, coincides with the market’s weekly holiday, and trading in gold has stopped on the global stock exchange. A large number of gold stores in Egypt close their doors to consumers on Sunday of every week.
Gold bullion prices today:
The price of a gold bar, weighing one gram, is 2971 pounds.
The price of a gold bar, weighing 2.5 grams, is 7427 pounds.
The price of a gold bar, weighing 5 grams, is 14,855 pounds.
The price of a gold bar, weighing 10 grams, is 29,710 pounds.
The price of the gold bar, weighing 20 grams, is 59,420 pounds.
The price of an ounce of gold, weighing 31.1 grams, is 92,398 pounds.
The price of an ounce of gold, weighing 50 grams, is 148,550 pounds.
The price of an ounce of gold, weighing 100 grams, is 297,100 pounds.
The Gold Billion report indicated that the current moves in gold price It is exaggerated and does not reflect the real price of gold, especially since the global price of an ounce is currently trading around the levels of 1984 dollars an ounce, and during two consecutive weeks gold failed to breach the level of 2000 dollars an ounce and trade above it.
Therefore, the real reasons behind gold’s rise to these historical levels are internal reasons related to the local market and the current economic and financial situation, which we will explain in the following points.
The increasing demand for the precious metal
The first reasons behind the hikes gold markets The record is the sharply increasing demand for buying gold, and the entry of new categories into the market for purchase, due to citizens’ fears of an unclear future after the sharp wave of high prices that hit the markets since last year, and the rise in inflation to record levels, so that gold plays the role of a safe haven and a hedge against inflation.
According to the data of the Central Bank of Egypt, the annual rate of inflation for the whole of the republic increased by 32.7% in March 2023 compared to 31.9 in February, while the annual rate of core inflation, which excludes items with volatile prices, recorded 39.5% last March, compared to 40.3% in February 2023.
The second reason was the cash liquidity that was recently available in the markets after the maturity of the 18% savings certificates, which provided approximately 885 billion pounds in the markets. A third new savings certificates were issued by government banks with a fixed return of 19% and a declining 22% with a 3-year term for the two certificates.
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