2023-08-07 22:42:27
The price of gold in the local market witnessed a new decline, at the end of trading on Monday, August 7, 2023, and the price of 21 karat gold, which is considered the most circulated and widespread among citizens, was recorded at a value of 2150 pounds, which means a loss of regarding 650 pounds compared to the highest price recorded for the metal. Yellow, which reached 2,800 pounds in an earlier period.
gold price today
A drop in the price of gold was recorded today by regarding 12 pounds in the case of 24 karat gold, as its price reached 2457 pounds in the middle of the trading session, following it was 2469 pounds at the beginning of the session.
Today, gold prices witnessed a decrease of regarding 10 pounds for 21 karat, during the trading period in the goldsmiths market. These changes come following a period of stability for two days.
Gold prices witnessed a decline during the past week, as they decreased by 0.2% in the local markets, and in the context of this, the prices of an ounce also decreased by 0.8% during the same period.
Saeed Imbaby, Executive Director of the iSagha platform, confirmed that prices witnessed relative stability during the week, and were not affected by the Central Bank’s decision to raise interest rates, which it announced last Thursday.
Imbaby added that expectations were indicating a decrease in gold prices with the increase in interest, but gold showed its ability to be sustainable following recent economic decisions, which makes it an effective way to protect value in light of unstable economic conditions.
Today’s gold price in goldsmiths’ shops
24 karat: The price of 24 karat gold was recorded at regarding 2451.5 pounds for sale, and 2457.25 pounds for buying. 22 karat: The price of 22 karat gold was recorded at regarding 2247.25 pounds for sale, and 2252.5 pounds for buying. 21 karat: The price of 21 karat gold was recorded at regarding 2145 pounds for sale, And 2150 pounds for purchase. 18 karat: The price of 18 carat gold was recorded at regarding 1838.5 pounds for sale, and 1842.75 pounds for purchase. 14 karat: The price of 14 karat gold was recorded at regarding 1430 pounds for sale, and 1433.25 pounds for purchase. 12 karat: the price of 12 karat gold was recorded About 1225.75 pounds for sale, and 1228.5 pounds for purchase. 9 carat: The price of 9 carat gold was recorded at regarding 919.25 pounds for sale, and 921.5 pounds for purchase. For the gold pound: the price of the gold pound was recorded at regarding 17160 pounds for sale, and 17200 pounds for purchase.
The reason for the decline in the price of gold
Dr. Naji Farag, Advisor to the Minister of Supply for Gold Industry Affairs, stated a tangible development in the situation, as nearly 600 kilograms of gold entered from abroad following the government’s decision to exempt gold imports from customs.
Farag explained that the supply initiative that was launched, which allows Egyptian and non-Egyptian citizens to enter gold from abroad, has positively affected the flow of large quantities of gold into the Egyptian market. This initiative clearly contributed to increasing the availability of gold in the local market and strengthening the presence of
Gold prices witnessed a decline over the past week, as they fell by 0.2% in the local markets. In a similar context, the ounce witnessed a decline of 0.8% during the same period, according to the trading week ending last Friday evening.
Saeed Imbaby, CEO of the “iSagha” platform, which specializes in online gold and jewelry trade, explained that gold prices witnessed relative stability during this week. He explained that price movements were not affected by the Central Bank’s decision to raise interest rates, which was announced last Thursday.
Imbaby added that expectations were for a decline in gold prices with the increase in interest rates, but gold was able to achieve gains since the decisions to raise interest and float the currency in the last period. This shows its viability as a hedge once morest currency depreciation during times of crisis, which distinguishes it from other investment vehicles.
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