I retreated Gold price in Egyptat the beginning of trading today, Sunday, compared to its prices yesterday, Saturday, following a state of confusion regarding the market halt and the closure of gold shops, following prices increased locally by more than the rise of gold globally.
The price of 14 karat gold fell to 797 pounds per gram, and the price of 18 karat gold fell to 1024 pounds per gram.
The price of 21 karat gold fell to 1195 pounds per gram, while the price of 24 karat gold fell to 1366 pounds per gram.
The General Division of Jewelery Trade in the Federation of Egyptian Chambers of Commerce, and the Precious Metals Manufacturing Division in the Federation of Industries, had announced that what was circulated by some social media sites in Egypt was incorrect, by stopping the movement of gold trading, due to what they described as the turmoil of the gold market, and the inability to control its prices.
The two divisions confirmed, in a statement, that the publication circulating on some social media sites regarding stopping the movement of gold trading was issued by a fictitious and unknown company that is not registered with the two divisions.
She added that there is absolutely no truth in what was stated in this statement, and the buying and selling of gold has not been stopped by any shop, stressing that what came in this publication regarding the lack of transparency in pricing is unfounded.
The statement stressed that the pricing of gold in Egypt is subject to the mechanisms of supply and demand, and according to the prices of an ounce in international stock exchanges.
The statement pointed out that such rumors aim to harm the Egyptian economy, as all legal measures will be taken once morest all those who spread such rumors.
The price of gold in Egypt rose to the highest rate witnessed by the Egyptian goldsmiths market, and this rise was affected by the US Federal Reserve’s decision last Wednesday to raise interest rates by 50 basis points.