witness gold prices In morning trading today, Wednesday, remarkable stability following the gold price recorded 1,600 pounds for 21 carat, following global gold prices rose to the level of 1,820 dollars.
Gold prices today:
18 karat recorded 1371 pounds.
21 caliber, record 1600 pounds.
And 24 karat recorded 1829 pounds.
The gold pound is 12,800 pounds.
globally rose Gold contracts Strongly in yesterday’s trading, adding 1.33% to its value and recording $1820.12 an ounce, while spot gold rose by 1.21% to trade at $1819.92 an ounce now, and this rise was influenced by the positive news that came from China during the Asian session, where China announced that it will ease restrictions Corona in January of 2023 – and this matter would enhance expectations related to the recovery of the Chinese economy, and stimulate aggregate demand, including the demand for gold; Taking into account that China tops the list of producing and consuming countries for the yellow metal.
The dollar index declined by 0.13%, to record 103.868 points once morest a basket of foreign currencies, at a time when the euro settled once morest the dollar at 1.0639 with a marginal movement, and the ruble fell once morest the dollar by 1.60%, to record 70.400.
Egyptian market
Ehab Wassef, Head of the Gold and Precious Metals Manufacturing Division of the Federation of Egyptian Industries, praised the response of the Minister of Supply, Dr. Ali El-Moselhi, to the division’s proposals to advance the Egyptian gold industry by abolishing the valuation fee on exports, which had been an obstacle for years to increasing exports of gold jewelry to global markets. To open promising horizons for Egypt to turn into a regional center for the manufacture and trade of gold and jewelry.
Ehab Wassef, head of the Gold and Precious Metals Manufacturing Division of the Chamber of Metallurgical Industries, said that the valuation fee represented an obstacle for previous years to increasing the state’s exports of artifacts, and led to weak competitiveness of Egyptian gold artifacts in global markets, and prompted workers in the sector to export gold as a raw material without
Achieving added value, which is what the country lost with it in dollar revenues.
Wasef praised the role of the Minister of Supply, Dr. Ali Al-Moselhi, Engineer Ahmed Samir, Minister of Trade and Industry, and Major General Ahmed Suleiman, Head of the Stamps and Weights Authority, for responding to the Division’s requirements. To support the gold and jewelry industry, which it had applied since its formation, in the forefront of which was the removal of the valuation fee, which ranged at 1% of the value of the workpiece, indicating that the positive signs of the decision on the sector were represented in the conclusion of the first export shipment to an Arab country.
Wasef explained that the legislative amendment to cancel the appraisal fee is being presented to parliament for official approval in the coming months, stressing that its removal shows the government’s keenness to provide all support to the gold and jewelry industry, following that industry has proven its ability to be one of the tributaries of hard currency for the country. Especially in light of the high global demand for gold as a safe haven for investment.
Wassef continued that the division will work during the next stage to provide all support to gold manufacturers to develop the gold artifact industry, and upgrade their designs in line with global markets following the support provided by the state by removing the valuation fee, indicating that the Egyptian gold artifacts have export opportunities. Promising in the Arab and European markets, and it is expected that the state will achieve annual revenues estimated at regarding $ 4 billion within a short period.
Wassef hinted that, in conjunction with the removal of the valuation fee, the division held periodic meetings with officials from the state to make the most of the decision to cancel the valuation fee, in raising gold export revenues as soon as possible to put Egypt in the position it deserves in the precious metals industry. And jewelry, and the last of these meetings was with Mr. Major General Ahmed Suleiman, head of the Assay and Weights Authority, in which they reviewed the ways of the authority to advance the industry, achieve discipline in the markets, and stimulate export operations.
