2023-08-10 05:00:00
Books – Islam Saeed Thursday, August 10, 2023 08:00 AM Aswaaq witnessed gold There are slight movements in Egypt, despite changes in the global price, which reflects the state of stability that the local market has witnessed during the recent period, and that it has not been affected by changes in the global price.
Today, Thursday, the price of a gram of 21 carat gold, the most common, recorded 2160 pounds per gram, following it opened yesterday’s session at the level of 2155 pounds per gram, while the price of the gold pound today recorded 17280 pounds.
It is noticeable that since the beginning of August until now, the price of the global ounce has decreased within the limits of 2% and the price has lost regarding 38 dollars, but in the same period in the local market we find that the price has increased by only 5 pounds and the fluctuation was dominant through weak movements in a narrow range, according to Gold Bellion Analysis.
What is currently happening in the local market is a separation from global price changes. The main reason behind this is the stability of pricing factors in the local market, which led to ignoring the factor of vulnerability to global price movements in the local gold market.
President Abdel-Fattah El-Sisi’s statement that the exchange rate is a national security increased expectations of the stability of the dollar’s exchange rate in the official or parallel markets for a period of time. The markets estimated it until next September before the first review of the International Monetary Fund regarding its $3 billion financing program for Egypt.
According to this, the demand for the dollar in the parallel market stabilized and its prices calmed down, which was reflected in the gold prices, while we find that the local demand for gold also witnessed a noticeable decline in light of the decline in the levels of cash liquidity among market participants since the end of the liquidity related to the eligibility of the 18% certificates.
On the other hand, the gold imports initiative without customs duties has contributed to the entry of 600 kilograms of gold so far, which has increased the supply of gold in the local markets to meet the weak demand, and thus achieved great stability and balance in the markets.
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