We publish the latest update in gold prices today, Wednesday, in Egypt, with the stability of the gold price on the global stock exchange and the local market. In the context of the following lines, we review the conditions of gold prices in the markets.
Gold prices in Egypt today record 980 pounds per gram of the main 21 karat, and the price of a gram of 18 karat gold reached 840 pounds per gram, while the price of a 24 karat gold gram recorded 1120 pounds per gram and the price of the gold pound reached 7840 pounds, and these prices are not added to it. The price of gold workmanship, which some companies have set to be 7% of the price per gram.
And Egypt’s exports of gold, jewelry and precious stones recorded an increase of 86% during the first 5 months of 2022, to record 766 million dollars, compared to 412 million dollars during the same period in 2021.
The monthly report issued by the Export Council of Building Materials indicated that Egypt’s exports of gold, jewelry and precious stones increased during May to reach $73 million, compared to $64 million during the same month of 2021, a growth of 14.1 percent.
The report revealed that 5 countries acquired 97.2% of Egypt’s exports of gold, jewelry and precious stones during the period from “January-May 2022” to reach $744,478 million, compared to $306.862 million, a growth of 142.6%.
Saad Salimah, an expert in the metals markets, said that the gold market is awaiting this week a number of events, reports and indicators that might affect the path of the market and the global gold exchange. .
He pointed out, in exclusive statements, that these indicators may lead to adjustments in the directions of investors and those looking for safe investment, as traders are closely watching these data to know the trends of gold prices during this week.
He explained that the gold market in Egypt is not far from the developments in the price of gold globally, and gold may move in a price path and channel between 985 to 1005 pounds per gram of 21 karat this week, up and down, according to the course of things on the global stock exchange.
Gold prices fell 1%, following US Treasury yields and the dollar rose, with expectations for gold already damped by fears that the Federal Reserve will resort to a larger interest rate hike this month to tackle rising inflation.
The dollar hit a new record high in 20 years, hurting the demand for gold priced in the US currency among buyers who own other currencies. The 10-year US Treasury yields rose, undermining the allure of gold, which does not yield a fixed return.