We publish the latest update on gold prices today in Egypt, which records levels of 1700 pounds per gram of 21 karat, which is the best-selling in Egypt, while all gold bullets circulating in the Egyptian market record clear stability in conjunction with the weekly holiday for the goldsmiths market and the cessation of trading on the metal.
Gold prices today:
18 karat recorded 1457 pounds.
21 karat recorded 1,700 pounds.
24 caliber, 1947 pounds.
14 karat recorded 1136 pounds.
The gold pound is 13,600 pounds.
Mamdouh Abdullah, a member of the Board of Directors of the Precious Metals Division in the Federation of Industries, thanked the government represented by the Ministry of Supply on the sidelines of the second edition of the International Gold and Jewelry Exhibition “Nebio”, which is organized by the Assay and Weights Authority and the General Division of Gold and Jewelry of the General Federation of Chambers of Commerce for a period of 3 days as an opportunity. In order to respond to the demands of the makers and cancel the valuation fees on the exports of gold artifacts.
He added, in exclusive statements, that canceling the valuation fees for gold exported abroad is an important step towards supporting the export of gold artifacts in light of the decline in sales of gold artifacts in favor of bullion and gold pounds, in addition to that export will generate large dollar revenues during the coming period and raise the Egyptian brand abroad, amid offering New gold models in the industry, pointing out that this step supports pumping new investments in the gold industry.
He explained that President El-Sisi is keen to overcome all obstacles and ways in front of Egyptian products and open horizons for conquering global markets and for export, which will have an impact on the growth of the Egyptian economy, pointing out that all concerned authorities have provided support to the factories participating in the current edition of the gold exhibition.
He stressed that the Egyptian gold and jewelry industry enjoys many competitive advantages that qualify the Egyptian market to be a major production and export hub for Arab countries and countries on the African continent, pointing out that this industry provides the needs of the local market and exports to foreign markets, with unique designs that mimic the latest international models.
A member of the Board of Directors of the Gold Division confirmed that the gold artifact industry in Egypt has developed strongly over the past years, and the presence of Egyptian production in international markets will be followed by major expansions in the factories producing artifacts and then raising the name of Egypt abroad by promoting national production, which is no less than top producing countries.
He explained that foreign markets, especially the Gulf, are witnessing strong competition in quality and price between Turkish, Indian and Italian products, and the abolition of valuation fees increases the chances of the Egyptian product to be present among them in the event that a 0.5% fee is still imposed when exporting gold. Of quality, with companies importing the latest technology in the manufacture of gold and jewelry, but loading the product with additional burdens limits the companies’ ability to export and open foreign markets.
